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12-05-2014, 09:45 AM
From what i read/know, the "option to purchase" (aka letter of intent) is a very important document. It's best to hire a Lawyer (from the beginning) to deal with the seller, even before signing "option to purchase". You should only sign the "Option to Purchase" after your lawyer has vetted the document.
Another words even before you think of buying a property, you should engage a lawyer to represent you first in all property transactions. Most people(layman) sign the "option to purchase" then engage a lawyer. Well i did it too. (Green horn ma).
But under some circumstances like, you like the property so , so much, you just can't resist to plonk down your "option to purchase" money-you want to choke the property then no regret lol if anything happens then. No regret?
It's O. K. if you don't mind at this stage of transaction, the most you lose is your option to purchase down-payment. But who like to lose any money?
Another words even before you think of buying a property, you should engage a lawyer to represent you first in all property transactions. Most people(layman) sign the "option to purchase" then engage a lawyer. Well i did it too. (Green horn ma).
But under some circumstances like, you like the property so , so much, you just can't resist to plonk down your "option to purchase" money-you want to choke the property then no regret lol if anything happens then. No regret?
It's O. K. if you don't mind at this stage of transaction, the most you lose is your option to purchase down-payment. But who like to lose any money?
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.