OPTION TO PURCHASE REAL ESTATE QUESTIONS
HI EVERYONE I AM ABOUT TO CLOSE MY FIRST DEAL WEEH! BUT I HAVE ONE QUESTION? I ASSIGNED MY OPTION TO PURCHASE CONTRACT TO ANOTHER BUYER HE WANTS TO BUY THE PROPERTY BUT A CLAUSE IN THE CONTRACT SAYS HE MUST NOTIFY SELLER BY WRITTEN NOTICE TO EXCERCISE THE OPTION. IF HE DOESN"T CAN THE HOMEOWNER SAY THAT HE BREACH THE CONTRACT BY NOT NOTIFY SELLER THAT HE WANTS TO EXCERCISE THIS OPTION BEFORE SEARCHING FOR A MARKETABLE TITLE. SHOULD I SEND THE LETTER FOR HIM EVEN THOUGH I ASSIGNED MY CONTRACT.
Im a newbie but every thing I have read so far says to make sure that you know what your contract says. Its your contract. And just as important is to be honest in your deals. If the contract says that you have to notify the seller in writing then you should. Thats my opinion anyway.