Legal document that gives right to purchase?

[Dan Wells]

I am in TX, I want to lock in a commercial property with a private seller, he doesn't want to go the traditional route of selling outright just yet, due to the property having items of value that need to be sold first. He estimates it will take about 2 years to do so. He doesn't want to do a lease back either, or owner finance. 

He told me that he promises to sell it to me for our agreed price once he clears out his items. lease with option to buy only last so long in Texas so not an option

So what other options do I have that will hold up in a legal setting? Contract notarized? Opinions please. 

[Mitch Messer]

Hey @Dan Wells. Why not use a straight option (not a lease option)? Just a bilateral agreement that specifies:

• The giver of the option, or optionor
• The receiver of the option, or optionee
• The purchase price
• The term (start date and end date) that the agreement will be in effect
• The consideration (typically a dollar amount) paid by the optionee to secure the right to buy
• PLUS whatever else your attorney thinks is necessary.

Make the document recordable by your county clerk, get it signed (and possibly notarized), and then have it recorded on public record.

The intent is to ensure that if he tries to sell to anyone else, a title search will find this agreement and trigger a title defect.