We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
May 26, 2022, 05:20:04 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
May 26, 2022, 05:20:04 am
Home Help Search Calendar Login Register

Author Topic: * * Automatically exclusive contract? Can escrow deposit be made at anytime?  (Read 2603 times)

Offline Ugly Miami Homes

  • Member
  • *
  • Posts: 6
    • Ugly Miami Homes
if I send a seller an option to purchase agreement and it does not include the words " buyer has exclusive right to purchase the property" is the contract itself automatically exclusive during our agreed contract length?


also if on a contract I write:

that my deposit amount will be $5,000 but If do not include a date or time by which that deposit must be made, and the buyer signs, can they back out of my contract if they complain and ask for my deposit? can I just say to them at that point: "the deposit will be made sometime or anythime within the agreed contract length?"

« Last Edit: January 04, 2016, 12:44:13 pm by Ugly Miami Homes »

Offline Gold River

  • Member
  • *****
  • Posts: 2329
Hi,

     You have to pay for the option at the time of the agreement or you don't have a legal contract.

You can actually pay as little as $1.00 (One US Dollar) for the option if the seller agrees! You must receive a receipt for payment! The option must spell out the terms and conditions: IE is it a first right of refusal? Is it a straight option for a un named price? Is it an option to trade? Is it an option to purchase for a straight price?

How long is the option for? What are the specific terms and conditions? Who pays the cost of recording? Is a title / escrow company named?
How is the option triggered? Are there negotiated restraints to closing such as allowing the seller time to declare a replacement property for a 1031 exchange?

There has to be payment for the option at the time the option is signed or you don't have a legal contract.


                          GR

Offline Ugly Miami Homes

  • Member
  • *
  • Posts: 6
    • Ugly Miami Homes
Re: "You have to pay for the option at the time of the agreement or you don't have a legal contract." -  would this cover that? "Optionor grants this option for the consideration of $0.00 and / or other valuable consideration"

I read I can do zero deposit, due to their being no law that says a contract must have a deposit in order to be legal. There has been a meeting of the minds. And "and / or valuable consideration" can be used to take the place of a monetary exchange, and the "deposit can be in the form of some other exchange or agreement to be fulfilled whenever or however.


Offline Gold River

  • Member
  • *****
  • Posts: 2329
Hi,

     At least $1.00 United States Dollar!


            GR

 




SMF 2.0.15 | SMF © 2017, Simple Machines