What is an Option to Purchase Real Estate contract?

ncav22 · Joined: 16 May 2008 Posts: 2 1.60 Dollars($)

I am trying to sell my home and was contacted by someone who I thought was an investor. We exchanged several emails but when he finally sent me the contract it was an Option to Purchase Real Estate contract. I read over it and I can't see where it benefits me it only seems to benefit him. I've also done some research on-line trying to get a better understanding of how these contracts works and it sounds like that I would give him ownerhip of my property without him paying me for it - please provide some insight. Is this something that I should run from?

gmakerley · Posted: Sat May 17, 2008 6:05 am Post subject:

if you don't fully understand something, you should run as fast as you can. when involved in the buying or selling of real estate, you truly ought to have legal counsel to guide you. frankly, seeking an attorney at this time is profitable - you need a valid answer to your question.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi ncav,

Welcome to the forum.

If you don't like the offer then you can reject it. And give him a counter offer. Unless and until both the parties sign it, the contract will not be counted as valid. So, as you don't like this offer, you can document a counter offer and send him to see whether he agrees with it or not.

I totally agree with George that if you cannot understand anything then you can always see for legal counsel from an attorney.

Fell free to ask if you have any further questions.

Best of luck,
Larry

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