The Complete Guide to Real Estate Options What Smart Investors Need to Know — Explained Simply by Steven D. Fisher

Author:Steven D. Fisher
Language: eng
Format: epub
Tags: Real Estate, property, investment, rental prperty, tenants, profit, money
Publisher: Atlantic Publishing Group
Published: 2013-04-15T00:00:00+00:00

•Length of the real estate option period — Choose a period that is most advantageous.

•Memorandum of real estate option agreement — Stipulate the right to record a memorandum in the official public records.

•Property entry right — The buyer definitely wants the right to enter the property so it can be cleaned, fixed up, showed, and marketed.

•Property clean up credit — Stipulate a cleaning credit that can be applied toward the option fee for cleaning up the property.

•Purchase price of the real estate option — Negotiate an option fee that does not exceed a set percentage of the property’s current market value.

•Refund of option fee in case of damage or destruction — Natural disasters can occur, so stipulate a full refund of the option fee if the property incurs damage or destruction from earthquakes, fires, thunderstorms, etc.

•Refund of option fee for eminent domain action — Negotiate that a full refund of the option will be received (plus any accrued interest) if the property is condemned by eminent domain during the option period.

•Sole remedy for default — Stipulate that the option fee paid is the exclusive remedy in the event that the real estate option is exercised but the property is not purchased.

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