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Updated almost 15 years ago, 02/18/2010
Seller buying me out of option contract
I plan to find an end buyer and have the seller buy me out of an option contract that I have with him. Before we break contract, however, we will both sign a promissory note stating that he will pay me the difference in the option price I had with him and the option price agreed with the end buyer that I found; I will get paid from the title company as a lien holder at closing, simply having them wire my fee to my bank account and me never having to be at closing.
Can someone please explain the process of doing this? Does anyone know/have a promissory note template? Which contracts should be used?
Sorry I know this isn't your typical wholesale....any help is appreciated.
-Alex