How to Purchase a Property under Option

After you have exercised your real estate option, you must purchase the property under option or assign the agreement to a third party. And if you followed my advice in Chapter 16, you should already have a purchase agreement signed by the optionor in escrow. Your purchase agreement should have been included as an addendum to your option agreement. If you did not have the optionor sign a separate purchase agreement, you should have included a clause in your option agreement stating that it would automatically ripen into a purchase agreement once the option was exercised. Either way, you and the optionor should have already worked out exactly how the sale of the property is going to take place.

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