How to Exercise Your Option and Buy the Property

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in this business, there will be times when you have a property under option that you want to buy and hold on to. And when a so-called keeper property comes along, you will need to know how to exercise your option and actually buy the property. To avoid the usual confusion and aggravation, which are a part of most real estate closings, I recommend that you follow my advice in Chapter 17 and always use a board-certified real estate attorney to close all of your real estate transactions. The keys to a flawless closing are planning, organization, and attention to details. Close may be good enough for hand grenades and horseshoes, but a close-enough-for-government-work attitude can lead to financially fatal mistakes when closing on the purchase of a property under option. In this final chapter of the book, I give you all of the nitty-gritty details that you need to know in order to avoid the common closing pitfalls that plague most novice option investors. As far as I am concerned, the worst fate that can befall any option investor is to be one step away from pay dirt and then have everything blow up at the closing table because of a screw-up that should have been caught and corrected in time to save the deal, but it was not because someone involved in the closing was asleep at the switch. And the hapless investor was clueless until after the damage was done, and it was too late to do anything about it. So please trust me when I tell you that the only way that you are going to be able to avoid being treated like a mushroom—fed a lot of bullspit and kept in the dark—at the closing table is to take a hands-on approach when you exercise your option and buy the property.

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