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Replace Dropdown from the Real Estate Purchase Agreement

Replace Dropdown from the Real Estate Purchase Agreement and eSign it in minutes

Aug 6th, 2022

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How to Replace Dropdown from the Real Estate Purchase Agreement

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so heres a nice condo in los angeles i scroll down to the private remarks and it says here sale is subject to and contingent upon sellers home of choice so what does that mean that means that the owner of this particular unit wants to find their next place where theyre gonna move to purchase it and then you can purchase his condo so a lot of the times agents dont even show this type of property because its almost like they have to sell to different properties they have to number one sell the property that this seller is going to purchase and then number two they got to enter into escrow on this particular property and then sell that one so a lot of times agents just skip right over this one just because its too much of a headache so if you want top dollar for your property dont make your home contingent upon this the purchase of your next property [Music]

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What is the difference between an optionor and an Optionee?

An option is a right that the owner of a real property (the optionor) gives to another person (the optionee) to buy certain property at a fixed price for a definitive duration. An option is an offer that binds the optionor to sell, but does not obligate the optionee to purchase.

Is the Optionor the seller or buyer?

Purchase options involve income tax consequences for both the optionor (the person granting the option, usually the seller) and the optionee (the person acquiring the option, usually the buyer).

What happens after the purchase agreement is signed?

Once you sign the purchase agreement, it becomes a legally binding contract. Both parties commit to the sale and may only negotiate or cancel the sale without repercussions if the agreed-upon contingencies and deadlines are unmet.

Can a seller back out of an option contract?

Generally, if the buyer is not performing, then the seller can cancel the contract, provided the seller has complied with the provisions in the contract regarding notice to the buyer to perform. Instances of failure to perform could include missing a deposit or a closing deadline, for example.

How do you write an amendment to a purchase agreement?

Always put a contract amendment in writing and make sure both parties sign and date it. Reference the title of the contract, if applicable; its original parties; and original signing date, so that it is clear what document you are amending. Attach the amendment to the original contract.

Who is the Optionor in a contract?

The owner of the property (the optionor) gives a potential buyer (the optionee) the exclusive right to buy the property under certain terms during a specific time period.

Who is typically the Optionor?

In an option contract, the seller is the optionor and the buyer is the optionee. It is a unilateral contract in that the seller is obligated to sell, but the buyer has the option to buy.

Is the buyer the Optionee?

An option to purchase real estate is a contract between the property owner and optionee (buyer).

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