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Updated about 15 years ago on . Most recent reply
Using Option to Wholesale..How does it protect me??
I'm trying to wholesale an out-of-state property and was thinking of tieing it up with a non-exclusive option agreement.
I have a buyer who's looking and who MIGHT be interested in the property. But if I show him the property and he does like it, then how I protected from the buyer just circumventing me and making a direct offer to the seller?
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Why not get an exclusive option and record it with the county recorders office, this gives you equitable interest in the property. If you already have a potential buyer, your seller should have no problem with a short option period and you are safe.
You can also have your potential buyer sign a Non-Circumvent agreement which states they can not go around you direct to buyer or you can sue them for damages and costs.