I HAVE MY FIRST OPTION DEAL LET ME KNOW IF I DID THIS RIGHT, I TOLD A LADY THAT I DIDNT WANT TO BUY THE PROPERTY BUT I COULD FIND SOMONE FOR HER AND I TOLD HER I WOULD MAKE SOME MONEY OFF THE DEAL AND SHE IS OK WITH THAT, THIS IS WHAT I DID: I SENT HER A MEMORENDUM OF OPTION FOR HER TO SIGN AND GET NOTORIZED AND ALSO I SENT HER A PURCHASE AND SALE CONTRACT FOR THE PURCHASE AMOUNT AND THE CLOSING IN 60DAYS. IS THIS RIGHT SO FAR?
NOW WHEN I FIND MY BUYER TO BUY FOR MORE THAN WHAT MY CONTRACT SAYS DO I JUST ASSIGN THIS OVER OR DOES MY BUYER SIGN A CONTRACT WITH ME TO BUY AT A HIGHER PRICE?
A memorandum of option of simply a recordable form that says that you DO have an option to purchase the property. If you don’t have an option agreement then you can’t legally file the form.
Also, you either have an option to buy or you have a purchase and sell contract. An option gives you that, an option to buy or not. A P&S agreement means that you ARE buying.