Please Help w/Option to Buy Contract Form - Posted by Kristine-CA

import · January 31, 2002, 5:32pm

Posted by Tim Fierro (Tacoma, WA) on January 31, 2002 at 18:50:25:

Kristine, Look over the contact and look for a section that says ‘ASSIGNS’. Our contracts here say something like this contract is not assignable. What you can do is cross it out and both you and the seller initial it to eliminate that clause. This is for the contract to purchase, but I think our option forms already state and/or assigns on them.

import · January 31, 2002, 5:32pm

Posted by Kristine-CA on January 31, 2002 at 18:32:53:

I have a seller that has accepted my offer to purchase her house. She wants me to use a standard CA realtor form, which I have. But I am unsure how to fill it out so that I can sell my option or assign it. I have buyers interested. And the title company says they have no problem with a double close. But I don’t know which part of the form addresses this or how to add an addendum so that I am not committed to buy if my buyers don’t show up with cash, etc.

Is this what a weasel clause is? I don’t like the sound of that. Can anyone tell me the correct way to go about this? Thanks for any help. Sincerely, Kristine

import · February 2, 2002, 11:02am

Re: Please Help w/Option to Buy Contract Form - Posted by wil(socal)

Posted by wil(socal) on February 02, 2002 at 12:02:11:

Hi Kristine,

I am a newbie and I been reading alot of info here on this website and learn quite a bit. I’ve been reading some of your advise. You give good advise even though you just started investing not too long ago. So I have been following your post, I hope you don’t mind. I enjoy reading you posts. As always, they have good info.

On this post you said that you are worried if the buyer don’t show up with the cash. Mr. Steve Cooks said from the “How to articles” on “Quick Flips: 8 Steps to Quick Cash” that you should qualify you buyer first. Also the pros here were advising newbies to line up you buyers. Just giving my $0.00002. I wish I have guts like you to start. I am a victim of analysis paralysis. I thinking of buying Flipping Properties by Bronchick once I have the money. Hopefully, this will help overcome my analysis paralysis syndrome.

I know things will work out for you.

Thanks

import · January 31, 2002, 10:04pm

Re: Please Help w/Option to Buy Contract Form - Posted by jim

Posted by jim on January 31, 2002 at 23:04:12:

Please have an attorney go over the forms with you before you present them to the seller. Spending a few dollars now could save many down the road.

import · January 31, 2002, 8:48pm

Re: Please Help w/Option to Buy Contract Form - Posted by Brian M. Powers(MI)

Posted by Brian M. Powers(MI) on January 31, 2002 at 21:48:33:

Why not have your lawyer, or a lawyer at the title co. assist you so you are sure you are covering all of your bases. It might cost a little but you will be protected and you will learn for the next time.

BMP