Option Purchase Price requirement??? - Posted by DonDe

Posted by DonDe on April 14, 2007 at 09:24:44:

Thank you for your reply, Billy.

Since my Spanish is EXTREMELY LIMITED, I’m not sure if the first line of your reply was a question or not. Donde Estas = Where are you. If so, I am in Delaware. If you’re Female, you could have added “Corazon” to the end = “Where are you, my love?” LOL

Because the market fluctuation, he did not want to lock in a firm price. It’s a little soft here with some declining price levels. However, this area is still continuing to have robust building and developing going on.

My intention is to obtain an “exclusive option to purchase” for a time period. This would allow me to take advantage of any further softening, if any, and also allow me to back out if there is an accelerated increase as has happened within the past couple of years. I was considering it as a rental or optional assignment.

The agreement would also include the terms that the seller would have the right to continue to sell (with a NON-CIRCUMVENT clause). If he finds a buyer at his price, that’s fine, If not, I would be able to negotiate the price and terms within the time period or extend the period.

I am not looking for ROFR (Right Of First Refusal).

This brings us back to my original post enquirey.

Hope this clarifies the situation.

DonDe Estas, Corazon??? (If you’re FEMALE, please!!!)
(If you’re Male or Female, you can still tell me where you’re located.)

Thanks, again.

DonDe

Option Purchase Price requirement??? - Posted by DonDe

Posted by DonDe on April 11, 2007 at 13:03:21:

I have searched the archives and existing posts for an answer to this.

Is the Purchase Price required as a part of the terms for an Option Agreement? If not, how would contract wording be structured for a price (OTHER THAN APPRAISAL) sometime in the future prior to the expiration of the Option?

Also, could an Option be structured giving the Seller the right to market (sell) their property (Real OR Personal) to someone else during the Option term period. I realize that this, in essence, sets up a bilateral contract, but is there a way it could be done???

Would appreciate it if someone would answer this for me or point me in the right direction for a search.

Thanks in advance.

Re: Option Purchase Price requirement??? - Posted by Max-Va

Posted by Max-Va on April 11, 2007 at 22:45:54:

I am not an attorney.

The contract price is always on the option when I buy. I set the price I can live with today and hope I get alittle appreciation between today and when I exerise the option to sweeten the deal. I have had a seller buy my option back so they could sell to someone else. I made a fair profit and they got more $$$ as well.

Re: Option Purchase Price requirement??? - Posted by DonDe

Posted by DonDe on April 12, 2007 at 16:42:23:

Thank you for the reply Max-Va. However…
Neither the seller nor I wish to set a price, so my question is …
"Is the Purchase Price required as a part of the terms for an Option Agreement?"
What would be appropriate verbage?

Re: Option Purchase Price requirement??? - Posted by Billy

Posted by Billy on April 12, 2007 at 18:29:00:

DonDe Esta

Yes a purchase price needs to be determined, if not a specific dollar amount then a preset way to determine the dollar amount.

You leave to much out of your post for any of us to help you much, maybe you two will realize the folly of lets determine it later and get serious, what good is an option for a maybe we can strike a deal, you don’t need an option for that.

Billy, for this post anyway