Option with Builder for new Sub - Posted by Michele in MI

Real Estate Investing
1

Posted by Michele from MI on August 10, 1999 at 18:14:23:

The more I write this option agreement,the more difficult it gets.

This is for a subdivision that is in the works, lot lines and numbers are on a blueprint. I’ve no idea the price of the houses, I can get prices of the lots, but the homes other than market value minus 5%, (minimum $180K and up)is all I have.

PLEASE HELP !!!

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Option with Builder for new Sub - Posted by Michele in MI

Posted by Michele in MI on August 10, 1999 at 15:28:41:

I am currently working with an upscale builder who is starting a new subdivision with ~40 sites. He is willing to exclude us from his listing agreements and sign an option for us or our assigns to buy a home from him.

We have renters with credits that could transfer them into purchasing one of his homes.

I’ve done options for specific houses before, however, this is the first time I’ve ever done one for a non-existent or future house. Do you have any ideas what special text I should include in the option agreement?

Thanks for your help.
Michele