Mason%2C%20Brandon%20120_Business_Day_Open_Road_Option%20%28Magnoli...This topic has been coming up a lot lately, So if anyone has questions about how the process works, Here is the first thing you will fill out. It is called an option to buy agreement which essentially locks your property in while it gives the buyer time to research it. Most options to buy will look like this, Attorney friends, I would invite you all to read over this, pretty short, and offer ideas/suggestions on whether this may or not need changed for the landowners protection. Attached is a PDF of the form for everyone's review please off up suggestions as a lot of people have considered selling recently.
Well said, Ed.
What Ed and Frank both said.
Options also imply that the person giving the option gets a lump sum nonreturnable payment for entering into that option with a potential buyer. After all the owner is taking his property off the market to other buyers while the option is in effect.
That's right! there should be a NON-REFUNDABLE payment at signing, at least 10%. When I was young & dumb, I made an option to buy 5 acres, paid a deposit of $1000. then backed out. I LOST the $1000! Options to buy without a large deposit are only good for the buyer.
Glad to se everyone is getting educated. This is how this site is supposed to work!!!
Joseph, Why would you be powerless? You are the one in control because you are the one selling/maybe selling. You are only as powerless as you let yourself be. Keep yourself informed, It obvious that you have already made the right choice by looking through and joining this forum. We are all In this together, This is why this site exists. Keep your head up we will get through it.
Sorry to butt in, But on the brighter side, I remember reading somewhere that in a lot of other countries, the mineral rights belong to the Gubment. The landowner only owns the surface. So maybe we should count our blessings.