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Hi All,
In 2013, I sold a property, with a pure option to take it back if they ever decided to sell for $100,000 or the current mortgage balance, whichever was lower.
The folks I sold it to are moving into a retirement community and have told me they want to give it back / sell it, as they know I have an option on it.
I’ve listed it for sale, and have a contract on it, but as this was my first option deal, I’m not clear what paperwork I need to give to the closing attorney. I gave my self-directed Roth the option, so want the money to go there. We put the property into trust at that time (2013) and I’ve been receiving from the buyers and paying the underlying mortgage since then. Any guidance would be much appreciated. Do I need to do a double closing, or can I just give the closing attorney some paperwork directing where to send the funds? What will I need to send to my accountant for tax time?
Best,
JP
JP,
Best to call me with you questions. Way to much to write in a thread.
Also, I don’t believe you took my Options course. Did you learn Options by watching Jack? Did you attend Jack’s Options class. Knowing this helps me to know how to best answer your questions. Need to know your knowledge level.
Bill Cook
770-815-8727
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