Foreclose with a Recorded Option

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  • Hey Group,

    I had an interesting question come up in a discussion with another investor.

    I am putting together a deal that includes a recorded option to purchase property at any time over the next 2 years at a pre-determined price. My question is, what if the Optionor/Seller fails to perform when it comes time for me to exercise my option?

    Does this become a civil court matter because this is a contract dispute or with a recorded Option as a Security Instrument, do I have the ability to initiate a foreclosure procedure?

    Thanks in advance for any help,
    Jay Chekansky

    Execute the documents and have them held in escrow

    I myself, utilize the option, especially now as an owner of my properties. Because the rentals have gave me a lot of gray hair, they paid for themselves and ultimately now,

    I have written an installment contract for option, this is an instrument that I use and have used for years, dispensing and giving to others. The right to purchase, the agreement never recorded in the reason is simple. I never want to have to go through foreclosure.

    The option is a unilateral contract, and if they underperform and do not deliver, as the purchaser I simply execute the occupancy agreement through Municipal Court and they are removed from the property.

    In your situation. I think what you want to do, I might be wrong, but you want to secure your interest in the option at a high strike price for your benefit, and execute a deed of trust and record that.
    I am not sure I would have an attorney assist.

    One of my properties I have sold on option four times three of those executed and we rolled the option into a buyer seller agreement, and those three failed ultimately.

    The fourth one. Unfortunately passed away, and so now having that property back, I will do you the same thing once again.

    Options are the real way to go!

    Jack Baby was the king of options and when she discovered options. He himself turned in his real estate license, he needed not for somebody else, but instead structure is on transaction for his benefit?

    One night at one of the classes, I during that class asking some very difficult questions and he looked me up and came to my room and said you know I wanted to answer your question, but it would turn the room upside down and on the whole thing off of kilter!

    Jack and I went to dinner and is it you got one hell of a good idea.

    So what I do is sell properties that I own, they are all owned free and clear good clean clear title and each is an individual separate trust. This is simply to protect me and those properties as well as other items that I have..

    In the contract for option agreement. It states that it is a unilateral contract. This is truly what an option here, are not affected the same as a sales contract are carried financing.

    With an option, you write the rules, and between yourself and your optionee/buyer, you together can construct a transaction that is beneficial to both parties

    DanButler

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