artguy90291: real estate “option to purchase” contract?
I am interested in buying a house here in Los Angeles Ca.
Since there is no one interested right now I want to have the option to purchase secured, for say 6 months. The seller wants to sell it to me but I just want to have an agreement that I can buy it at a fixed price within a time.
I have a form that is simple and says the above option but is it legal? Can someone else swoop in and buy it first even though I have this signed by the seller?
If it is legal, do I also have to get it notorized or recorded with the city to make it binding?
Answers and Views:
Answer by traderb550
I would get a real estate agent and an attorney involved right away to protect your purchase.
I just bought a house in Brentwood 2 months ago the exact same way! It’s a great time to purchase.
I had an attorney present and we worked it out!
Answer by MagickI’ve heard of options like the one you describe. I’ve even heard of people selling the options too, but usually it is on commercial buildings.
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