Options - Posted by NC

Posted by Max-Va on July 13, 2006 at 15:08:36:

All the terms and price should be stated in the option. A P&S contract is not needed because the option states all the details. You or your assignee just need to send leter stating that you are excersing the option and will close on such a date.

Options - Posted by NC

Posted by NC on July 13, 2006 at 11:45:38:

When signing up a property on a pure option, with the intent to flip, what is the procedure when I decide to excercise the option?

Would I go back and sign a purchase agreement with the seller stating all terms in the p/s contract?

If I assign the option, would my buyer do the same and contact the seller to sign up a purchase agreement?