Posted by CarolFL on May 23, 1999 at 10:00:13:
“for $10 and other good and valuable consideration…”
We have had a lot of threads on consideration vs down payment. Consideration does not have to be $$.
I remember Bronchick talking about giving the seller a contract which allows him to “buy out” your option cheaply (say $1000), if another buyer is found before you do. For example, if you have a contract to buy a property at $50k for 6 months and the guy gets another contract offer within that time at $55k, he gives you the grand, the option is null and void, and he still makes out better. It’s cheap insurance for the seller.