[Michele Santorsola]

Michele Santorsola

I was wondering which term you use in your paperwork. I ask because Peter Fortunato, Jack Miller, and Bill Cook have warned against using the term “option” when speaking with motivated users who are unfamiliar with creative deal structuring. Pete advised us to label our Option documents as “Right to Purchase” agreements to avoid confusion. However, most contracts I have are labeled “option.” So, my question is, when you draft your Options and Mortgages to Secure Options, do you substitute the term “option” for “Right to Purchase”?

Thank you

[Bill Cook]

Bill Cook

Michele,

When speaking to a property owner, I talk about “a right to buy the property one day I the future.”

The main document I use to memorial our accord uses “Option Contract” or “Option Agreement” as the heading.

Thought: When speaking with homeowners, I want to use words most any 8th grader will understand. I’m not there to dazzle property owners with my used of jargon. Therefore, I focus on what the deal structuring tool does, rather than on what the tool is called.

One last thing: remember, there’s no THE way. Pete does it one way, Jack another, Dyches another, and I do it different from them…not a lot different, more of a shade different.

Hope this helps.

Bill Cook
770-815-8727