Saturday, May 18th, 2013

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The Real Estate Option Contract…Undressed (Plus Free Download)

Ok, so if you heard my recent interview with Andy Proper about his Virtual Bird Dog Blueprint, then you may recall I promised I’d share my personal real estate option agreement with anyone who’d like to see and use it.

Then I decided to do one better and make a video about it, kind of running through the form itself, what different parts mean and how to fill it out.

Then it turned into two videos.  A combined factor of me being a bit too wordy and YouTube only allowing videos of up to 10 minutes.

I remember how intimidating real estate forms can be, especially early in your REI career.  There’s nothing all that hard about the option agreement, but I know a tutorial like this would have been a tremendous help to me earlier on.

So here’s the deal…

If you want to download and use two of my personal Real Estate Option Contracts I use in my own real estate investing business, please feel free.  Just right-click on the links below and choose “Save Targe As…” or “Save Link As…” (depending on whether you use FF or IE as your browser…and I don’t know what the heck it is for Mac users…sorry.)

Download 2 Free Real Estate Option Contracts…

Disclaimer: I’m not an attorney and am not attempting to give legal advice in any way.  Please use this form at your own risk.  By downloading it you agree to hold this site and it’s owners strictly harmless from liability due to your use of these documents.  Also you should consult your own legal counsel and real estate professional(s) before taking any action or inaction based on these documents or the videos below.  By downloading these forms and/or watching these videos you agree 100% with these terms.

  1. Real Estate Option Contract #1 – “The Simple 1-Pager”
  2. Real Estate Option Contract #2 – “The Still-Pretty-Simple-But-Slightly-Fluffier One”

Watch the Real Estate Option Contract Tutorial…

And here’s part 1 and part 2 of me sharing a few tips and pointers about using Real Estate Options in your real estate investing endeavors, as well as a walk-through of the first (1-pager) contract.

Hope you enjoy — and hey, I’m considering doing more like this and giving more forms away.  But I don’t want to do it if nobody really cares.  It does take some time, after all.

So please chime in with a comment about whether or not you found this useful and how much or little you’d be interested in more of the same in the future.

Thanks,

Real Estate Option Contract Undressed – PART 1

Real Estate Option Contract Undressed – Part 2

Please comment below!

Technorati Tags: real estate option contract, real estate investing, free real estate forms, real estate option agreement

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About

JP Moses is a roughly-hewn man-child who first got into REI after reading Rich Dad, Poor Dad back in Y2K and went full time in 2002. He's tinkered in everything from landlording to short sales to rehabs to Realtoring to REOs to notes to owner financing, blah, blah, blah...Till he finally stuck his flag deep into wholesaling and has since flipped somewhere north of a couple hundred deals.

JP's not a “guru” but also doesn't think it's a bad word. Among his core values are authenticity, creativity, big honkin' value, general fun-ness and being unshaven. He's super proud to be chief blogger guy at REItips.com and host of the free REIology podcast. He also thoroughly enjoys sharing his 53 best real estate investing forms with anyone who wants them. You should totally check that out. :-)

Facebook Comments:

  • Peekay

    Jp,
    Nice presentation. Will get in touch soon,
    Peekay Kumar

  • Ryan

    Hey JP, I was wondering is it possible to put an option on a house between a buyer and a seller if the house is currently listed with a realtor? 

  • http://REItips.com/ jp moses

    Hi, Ryan. Yes, but it’s likely the seller will still owe a commission to the agent. Unless they have some special arrangement that buyers who don’t come directly through the agent don’t generate a commission – which would be very unusual.

    Typically listing agreements state that during the listing period, the agent’s entitled to a commission regardless of where the buyer comes from, so long as the relationship is initiated during the listing period, even if the actual sale is after the listing period.

    It’s just a way of protecting the agent’s interests in keeping the owner from skirting around them. And I think it’s reasonable too. I used to be an agent…they do a lot of work without any pay when listing a house, plus often come out of pocket for marketing expenses…all in the hopes of getting a commission.

    So bottom line: Yes, if you put your option on the property during the listing period, chances are the owner will owe the agent a commission.

    ——————-

    { REItips.com }

    { REIology.com }

  • Ryan

    Thanks JP! Awesome answer, awesome video and awesome site!! Thanks again for all the free forms. 

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