I currently have a “Straight Options” on a property in Colorado Springs, and before I start marketing it I want to make sure it doesn’t bite me in the rear later. I have gotten conflicting information on the legality of “Straight Options” in Colorado. Some say its legal, some say it’s illegal. Why is there a conflict in the understanding of the legality of “Straight Options” in the state of Colorado and if “Straight Options” are illegal in Colorado how do people get around the legal issues in Colorado?
You should contact a real estate attorney in Colorado. I don’t live there and don’t know, but I thought I heard of some issues regarding straight options there, though I might be mistaken. Maybe also contact your local REI club for any info. Good luck.
That doesn’t make sense to me. Be careful who you listen to. An option is simply a right to buy for a period of time. Even if it is illegal… then just get a purchase agreement with a contingency such as finding a third party purchaser.