Quesstion on First Option does and don'ts

My wife and I are first time RE investors and we have our first option uer contract.

So far the option is signed by a seller who is in forclosure. An affidavits(that has been notarized)
has been signed; The Title companiy has been hired will deliver report in a week.

While we are looking for a buyer; what should we record to protect us from not losing this property?

It is a 2 family home and she has tenant, how do we remove the tenant?

She still lives there, so how do we bring buyers to house and keep her out the financial conversations.

Thank you all comments are appreciated

Howdy 2investors:

Not sure you need to record anything if the seller is honest you are OK. Nothing you record will stop the foreclosure. You may record a memorandum of agreement or Memorandum of Contract or some such notice that you have an option to purchase the property. What is the affidavit for ?

Why remove the tenant if they are paying rent ? The owner will have to get tenant to move. You guys have no rights of possession under the option agreement. If you want the tenant out you may get the owner to offer to return the deposit if they are out in 7 days or so. If they are still under a lease that has not expired and the rent is paid that have the right to stay and the owner will have to wait until the lease expires and give then written notice that the lease will be terminated at the end of the lease and they will have to vacate.

Ask owner to allow you to show the property. Tell prospective buyers not to discuss the purchase except in private with you.


thank you tedjir for your comment:

What is the affidavit for ?


thank you will do

unless the tenant is not under a lease agreement she has rights. her rights are spelled out in the original lease. the lease follows the property and new owners will have to honor the lease as it stands, unless there was a provision in the lease that stated otherwise.