Let’s explore your real estate options? A real estate option specifically is an agreement that the party owning, has the right to purchase, from the party selling. To understand real estate option, you must first know the six key elements; optioned, optionor, real estate option, option consideration, option period, and exercise of option.
An optionee is the party buying the real estate option while an option or is the party selling the real estate option. The money paid by an optionee to buy a real estate option from an optionor is option consideration. Option period is the time in the real estate agreement in which the option is effective. Exercise of option occurs when the purchaser wants to notify the optionor, in writing, that they want to exercise the real estate option.
Real Estate Options can be an amazing tool to utilize in your investment strategies. If you are a creative investor and need further legal assistance, contact Martin Law Group. We help creative real estate investors close real estate deals.