Strait option info............

General Real Estate Investing
1

Hello,

Can someone run through in detail the process of doing an option?
I get the basic idea but I need some more details.
I would be doing an option and then assigning it. PLEASE HELP.

  1. do you do a p&s at the time of the option? I read of people doing this and having the p&s and title transfer docs all sent to an attorney to be ready for you to exercise your option.
    If you don’t do this what stops the seller from backing out after you find a buyer and want to exercise the option?

  2. how do you get your buyer and the seller to closing… date etc. does my buyer need to contact the seller to set this up or do I give the seller the date. Would my attorney be the one to do this?

As you can see I need as much detail as possible. I can’t wait any longer to get going…AGAAAA.

Thanks so much for any info you can give!
JD

  1. during the option period do you place insurance on the property?