I’m Optioning a house, and I am questioning if i can flip (sell) this option to a buyer or investor. I’m told I would use an “assignment of real estate option agreement” and charge the buyer (3rd party) an “assignment fee”.
My question is, can I or How do I advertise an option to sell? Do I or can I put the word real estate option in an advertisement? My lawyer told me “No one can sell any property that they do not own title to”, is advertising a property an intent to sell? Can anyone help me or make sense of this for me?
just put the property for sale in the paper, no one has to know you have an option on it. You have an option to buy the property which gives you an equitable interest in the property. Which gives you the right to do as you please, meaning you are still acting as a principle and not on the behalf of someone else, because you have an agreement to buy it, If you didn’t have an agreement to buy it then you would be acting on the behalf of someone else, ‘‘and that’’ you can not do with out a real estate license. (Your Option) hope this helps.
don’t put for sale by owner in you advertising because you are not the owner. just property for sale and whatever else you want.
p.s most lawyers dont know this option leaseoption get the deed stuff. some do most dont.
Hi,
I am a new investor and I also have an option contract on a mansion located on long island. I believe that as long as the assignment terms are included in your option contract, you certainly can assign the option to an investor or a buyer. The option, gives you equitable legal interest in either buying or selling the property…however, if you find a buyer, the purchase and sale’s contract would actually have to be between the buyer and the owner, at the price the homeowner is optioning the property for. Technically, your attorney is correct…however, you can assign the option and the terms of the agreement between you and the
homeowner to the buyer, i.e., you get your “assignment fee” and the buyer gets a purchase contract with the owner at the lower option price. Good luck,
Janice
Your lawyer is partially correct. You can’t CLOSE on the sale of a property you don’t own. However you can AGREE to sell because you have agreed to buy.
Then you can do one of the following:
Exercise your option and double close with your buyer.
Assign your option to the buyer for a fee.
Assign your contract with the buyer back to the seller for a fee.
