Purchase Option

[Geoffrey Lessel]

I have read somewhere (and after a full afternoon of searching, can't find where) that you can negotiate a deal with a Purchase Option contract. Basically, you sign a contract that will give you the option to buy a property for $x in the next y days. It is usually non-exclusive.

You then do some marketing yourself on the property, find a buyer willing to pay $x + $z for the property and assign him the purchase option contract for $z - $x in consideration to you. So he pays you $z - $x and buys the property himself for $x. Does that make sense?

Is this possible? Has anyone done this? Can anyone point me towards contract documents that deal with this? Most of the options I've seen deal with leases.