matrix 0 Report post Posted November 5, 2004 if i have an option on aproperty do i need permission from owner or seller to lease option the property Share this post Link to post Share on other sites
Kimberly 0 Report post Posted November 5, 2004 Yes, and in writing -- unless you have a lease option that allows you to sublet. If you have a pure option to buy the property, the owners may not even be willing to lease option. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted November 8, 2004 Matrix,Kimberly's right. You can also have some kind of seller financing clause in your option. (Straight Option that is)It usually calls for a certian time allowence like three days etc to convert.Regards,Adam Share this post Link to post Share on other sites
Akinwale 0 Report post Posted November 15, 2004 Matrix,Kimberly's right. You can also have some kind of seller financing clause in your option. (Straight Option that is)It usually calls for a certian time allowence like three days etc to convert.Regards,Adam<{POST_SNAPBACK}> I have a seller that doesnt want to do a LO. He would rather have an outright purchase. I have a couple that want to buy a home outright instead of the lease purchase. What should I do? I want to be able to show the home to the prospective buyers but want to make sure I get paid for that....lol..So should I get a pure option to purchase the home and then assign the contract over to the prospective buyers if they want to purchase it? How long of a purchase timeframe should I put in the contract. In addition, if the seller agrees to the pure option price, how can I make it possible for him to still sell the home to another person without breaching our contract? He does not want to tie up the property with me just in case someone comes and wants to purchase it... Thanks, Akin Share this post Link to post Share on other sites
Kimberly 0 Report post Posted November 15, 2004 So should I get a pure option to purchase the home and then assign the contract over to the prospective buyers if they want to purchase it?That's one way to do it. How long of a purchase timeframe should I put in the contract.I'd say 45 days. That's typical here. how can I make it possible for him to still sell the home to another person without breaching our contract?Make it non-exclusive OR write in that if he gets another offer, you have first right of refusal. If you've only got one family the house might work for, you'd just need the option for a few (3-5) days anyway, unless you wanted to try marketing it to others. On a pure option the purchase price is the main thing, probably can't be top of the market. Share this post Link to post Share on other sites