An attorney told me…is this true - Posted by Sandra
Posted by Sandra on March 28, 2000 at 10:18:15:
An attorney told me I must have a signed LO agreement AND a signed purchase agreement. He said I need this signed purchase agreement at the start (when we first sign the LO agreement)
He said I need the purchase agreement in order to assign the contract to my tenant/buyer b/c they need this to get a commitment from a bank in order to get financing.
Is this true? I have read & read & read & attended my fair share of seminars & I’ve never heard of this.
The attorney pointed out that since I do not own the house, I can not sell property I don’t own.
I thought I would sign a purchase agreement sometime during the term of the option, not when signing the purchase.
I’m sooo sorry for rambling on about this.
Lastly, would I have to do the same thing when I am OPTIONING.
Thank sooooooooooo much for your responses!