Option consideration? - Posted by TonyPA

Posted by Travis (Dallas) on July 06, 2002 at 06:49:22:

Could you possibly be confusing escrow deposit with option consideration?
Both LeGrand and Joe Kaiser are very knowledgeable.
Good luck.
Travis

Option consideration? - Posted by TonyPA

Posted by TonyPA on July 05, 2002 at 15:52:50:

HELLO!
I understand that the option consideration in a lease /Option contract is use to legally bind the contract.But reading the legrand L/O couse, in his L/O contract example he does not even mention option consideration would somebody explain that to me?
Thank you
TonyPA

Re: Option consideration? - Posted by Matt KY

Posted by Matt KY on July 05, 2002 at 16:19:56:

you only pay option consideration if the seller asks for it. if no one mentions it, you dont have to pay it.

if you are concerned with the agreement holding up in court, you should find out if your state has a minimum option payment.

My attorney would tend to disagree (nt) - Posted by JoeKaiser

Posted by JoeKaiser on July 06, 2002 at 24:16:25:

.

Thanks a million Matt N/T - Posted by TonyPA

Posted by TonyPA on July 05, 2002 at 16:59:46:

N/T

Re: My attorney would tend to disagree (nt) - Posted by Matt KY

Posted by Matt KY on July 06, 2002 at 03:42:00:

im just repeating what ron legrand said. he knows a little bit more about RE than me. more than your attorney too, id bet.

Re: My attorney would tend to disagree (nt) - Posted by JoeKaiser

Posted by JoeKaiser on July 06, 2002 at 11:40:41:

At some point, “just repeating” shouldn’t be good enough for you. At some point, it would be really nice to simply “know.”

Consideration is most definitely required for an option to be valid. If the property owner is giving you the right to purchase his property at sometime in the future, you have to give him something for that right . . . something good . . . something valuable.

Without consideration, you would have zero chance to enforce your option. Zero.

And by the way, my attorney knows more about real estate than Ron Legrand and me combined.

Joe