Option To Purchase Contracts

[Zach Schaar]

Is anyone still using option to purchase contracts? Especially in the Ohio market. I know the dept. of commerce was making a big deal out of it awhile back.

Thanks!

[Bill Gulley]

RE is not that easy, you're dealing in tens of thousands of dollars, not tens of dollars, all kinds of things happen, the longer you hold a contract the more risk involved. If it is customary in your are to have a 6 or 9 page contract, there are reasons why, use them, learn them so you can explain them.

If someone approached me with a one page contract (the least I've seen was 2, it takes a half page for signatures) I'd laugh and walk off.

Now, I have hand written a quick agreement to hold property until we could enter a formal contract, but that is not good practice.

Get a good contract, copy them and carry them with you in your vehicle along with other forms you will need.

Dealing in RE without good contracts is like running a blacksmith shop without fire or an anvil, forms are the heart of the business.

See an attorney, I've mentioned 3 or 4 times today I believe, the initial cost for good documents is really a one time purchase and you can do hundreds of deals off the same set of contracts, might work out to a dollar a deal. :)