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07-31-2009, 06:28 PM #1
Renter
- Join Date
- Jul 2009
- Posts
- 1
Make lower offer within option-to-buy period?
Many thanks in advance for your help on this quick question!
I am about to enter into a temporary lease agreement that is essentially a 60-day option-to-buy contract. The option has been priced out at a certain dollar figure. Is it still possible, if I judge towards the end of the option period, that because of comps and general market conditions that I want to make an offer for a lower price than stated in the option, is this possible? I'm not talking about making a low-ball offer, just a price that is slightly more in line with very similar comparables.
Would I have to first end the option and then make an offer, that would theoretically be open to other market offers? Or am I locked into that price until the end of the option period? Has anyone had any experience with this happening?
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07-31-2009, 11:23 PM #2
Condominium
- Join Date
- Mar 2009
- Posts
- 153
To protect your option I would get a notarized and record it on title. Otherwise the seller can do things such as add additional liens and mortgages onto the property, or sell it to a different person.
By recording the option, you are protect from the above mentioned.
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