- Joined
- Aug 30, 2007
- Messages
- 51
Could you not do an AFS with the ability/provision to assign the contract to another Buyer (my Buyer)!? Then when the AFS comes close to the time action would need to be taken, I could assign the contract to my Buyer who`d take over and purchase the property from the Seller. Except of course the Buyer would have to cut me a separate cheque to come up to the price we agree he would buy it at from me!
With the Lease Option, I`d imagine that I`d have to have a Seller who was willing to go for that and somewhat understand what a Lease Option is and how it works. If they don`t understand it, it could create confusion and we all know what a confused mind often likes to do!? However, if the Seller is really motivated then that motivation could supersede the fear because the fear of NOT doing a deal could be bigger than the fear of confusion! So my point here may be moot!
QUOTE (MarkKruse @ Dec 13 2009, 08:38 PM) An Agreement For Sale or a Buy-Sell Agreement are methods for taking control or purchasing a property.
An Option serves a very different purpose. It is just an agreement for you to potentially "take control" at an agreed price for an agreed period of time in exchange for the option money. Under the option, you can specify the documents under which the sale will proceed (if option is exercised) or you can work it out later (I like to have it attached to the option).
So...if you find a buyer and exercise your option, you could then theoretically proceed via AFS or Buy-Sell Agreement.
It really depends on the deal, the people and the circumstances you are dealing with.
Mark
With the Lease Option, I`d imagine that I`d have to have a Seller who was willing to go for that and somewhat understand what a Lease Option is and how it works. If they don`t understand it, it could create confusion and we all know what a confused mind often likes to do!? However, if the Seller is really motivated then that motivation could supersede the fear because the fear of NOT doing a deal could be bigger than the fear of confusion! So my point here may be moot!
QUOTE (MarkKruse @ Dec 13 2009, 08:38 PM) An Agreement For Sale or a Buy-Sell Agreement are methods for taking control or purchasing a property.
An Option serves a very different purpose. It is just an agreement for you to potentially "take control" at an agreed price for an agreed period of time in exchange for the option money. Under the option, you can specify the documents under which the sale will proceed (if option is exercised) or you can work it out later (I like to have it attached to the option).
So...if you find a buyer and exercise your option, you could then theoretically proceed via AFS or Buy-Sell Agreement.
It really depends on the deal, the people and the circumstances you are dealing with.
Mark