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I want to have an option purchase contract available and ready to use whenever I have a potential deal. I think I’ve heard Jack say that it is better to draft your own option contract than to use someone else’s copy. I tend to agree but for someone that has never done one before, I would think that we’ll need at least a baseline to draft our own. I attended the Introduction to Options seminar in Tampa last year (unfortunately, wasn’t able to make it to the advanced seminar) and Jack has a Buyers Option Purchase Contract in page 113 of the manual that seems to have almost everything needed, probably too much for most deals.
Would it be best to use this contract and take out the stuff I don’t need or is it better to use something else to get started?
Any ideas as to what type of option contract to use for not so complicated deals when you are just starting up with options?
I know I can use a regular purchase contract with a couple of contingencies and that basically makes it an option contract but I would like a little bit more protection than just that.
Any feedback will be appreciated.
Thx/Rafael
Rafael,
the contract on page 113 is ideal for a basic option type deal. Just make modifications to fit the deal.
Jackie
There will be a conference call on Tuesday about Options — the EASY WAy
Call starts at 7 pm central time.
See the member’s home page for call in details
Jackie
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