Posted by JoeKaiser on March 31, 1999 at 01:49:19:
Once the paperwork is completed, it needs to be placed somewhere where you can easily get to it once it comes time to exercise your option. That means you take all the signed off paperwork needed to close the sale and you either stick it into your own file cabinet (my favorite) or you have a third party or “true escrow” set up so that when you show up with the dough, they hand you the closing paperwork. Only then will you have a “formal closing.”
That’s it.
Joe