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with a little modification, you can use what we have in the FILE VAULT
Tim,
Always remember that in some but not all states options are not a part of the title paperwork when you go to a title company.
I remember 20 years ago when options were rewritten in the form of a deed of trust and note so that the title companies would be fooled and they would serve the optionee and option or just like it was a deed of trust.
I would simply tell my clients that they’re going to be legal fees and therefore I need to make more money. Once you have the paperwork in order and your attorney has given you the green light.
If you pay for the documents and use them one time. Just remember you can always use them again with another deal in the future.
I am not sure in all states, but where I am at an option is unknown item, until it comes to closing, and if you have an option position they will skip right over you. However, if that option or the note attached to the option is recorded. You will be a part of the title search and the part of the foreclosure proceedings. If there is any.
To your success.
Dan Butler
Tim and others,
In the event you’re using the option,
This will mark your title just like a deed of trust when it is recorded. So in the event there is ever a loss or foreclosure, you will be notified in the event of a foreclosure. You then are in the chain of title.
Options are, the vehicle that you can use doing any thing in real estate.
Let me try to stay just correctly, if you are utilizing an option. They may be helpful to try to set the price of the option so that it’s attractive course you, but also to the seller.
Talking and asking questions get you the numbers. If you’re the buyer. The higher the number the more you pay, is that really what you want?
If not just know that the seller may say no. So it can be a very healthy discussion negotiating transaction.
The late great Jack Miller, had a number of classes, and negotiations and options were by no doubt my favorites.
Jack actually called me out and said that I was a slow learner. I had been his classes multiple times and the beautiful thing about Jack is, he had such a creative mind they never spoke about the same transaction, always thinking about something different in never falling book outline.
His knowledge and experience with priceless! Jackie has done a great job and we should all be thankful for the work that should put forward.
I’m glad to help you and share these ideas to your success,
Dan Butler
Just reporting back for anyone else who may be searching for a similar resource. I ended up using a standard NOLA Deed of Trust, and attaching a “Performance Rider” to make it relevant to the option.
Since I am in Colorado:
https://dre.colorado.gov/resources-supportlicensees/real-estate-broker-contracts-and-forms
https://drive.google.com/file/d/0B1QWwFfpPTbkcktmYzRDamMtMG8/viewThere are probably similar resources for other states.
Thanks Dan for the input! I downloaded one of Jack’s Options courses to help me on my next deal. 🙂
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