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

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