Hi all,
I’ve been reading as many topics as I can and think I’ll be going the Option to purchase route.
I’m using an Option to Purchase Real Estate long form with a short form version to record at the courthouse to “cloud the title” so to keep either the seller selling from under me and the invester from going around me.
From what I’ve read a Memorandum Agreement is what is used to cloud the title, would this Option to Purchase Short form do the same?
When I cloud the title after the seller signs my Option to Purchase how will this cloud drop off? After my invester signs an Assignment I want to be completly out of their way to make their money, would I need to personally go down to the courthouse to drop the cloud how would I do this?
If I’m unable to find an invester within 30 days my Option expires does this drop the cloud automatically?
The assignment contract I’m using specifies my fee for the assignment does this create any problems for the invester transaction wise with the seller? Most assignment contracts I’ve seen do not have a place for a fee so I added one, should I also specify when I recieve my fee i.e. at time of signing or at/if/when closing happends between the invester and seller.
My main obsticle to getting myself out there and find deals is being comfortable with my initial contract with the home owner to both be able to assign the contract and if I’m unable to find an invester the Option would just expire after the 30 days till I build up some capital of my own.
Thanks in advance for any feedback, I look forward to posting my progress to everyone.
O.