option to purchase form for NC?
i decided to give the forms on steve cooks website a try you could easily make a contract to purchase form into an option by adding the correct sentence at the bottom wich u can find in an article on this web site…by the way anybody else tried using his contracts?
bibb3433: Let me know how it goes. I’d be interested in seeing how it works out for you.
Verb,
you can turn your regular purchase agreement contract into an option by adding; “The earnest money deposited is used as liquidated damages if the terms of this contract are not fulfilled. This earnest deposit is to cure any damages as a result of not closing this agreement.”
This should work but really just call an attorney, there are plenty that will fax this document if you promise to close some deals with them or let them run some of your title searches.
What do you plan on doing with your options?
actually i belive that is only a liquidated damages clause and not neccarsarily an “option” but i guess it works the same way in that your deposit is your only liablility just wanted to be clear…
Ok so what is the difference between liquidated damages on em deposits thats it, and option consideration? Are you just fascinated with using an Option Agreement or what? By adding just that one clause would turn a Purchase Agreement into an Option.
Most people would love to keep their money not give it away as consideration.
i totally agree charlotte im not trying to contradict im just pointing out that an option and a liquidated damages clause are basically the same thing but then again they are two seperate things an option would be a set amount of money clearly used for teh option to buy while a liq. damages clause is a way to back out of a contract after its up and only lose the deposit made…u never know when some of this legal stuff can bite u so i just wanted to make sure ppl not in the know were aware…
Sorry you are right though about the legal stuff, but a purchase agreement can work just like an option. There is no time limit when a purchase agreement expires unless written with a deadline.