Option to Purchase

[xray]

I have a property I'm looking to do an Option to Purchase on. I went on our Critical Forms area and downloaded this form for my


client to sign. Apparently there is a form I need to file with either the court or the Land registry office. Does anyone know the name of


this form? Do we have it on our website? Where do I file it?


This form gives me permission to sell this house and that I am not a Realtor.


Thanks


Trudy

 

[lanedry77]

Hi Trudy,





The option to purchase, once completed and signed by the seller (everyone on title) and the buyer (you!), is all you need to legally sell the property to someone else. With an option to buy, you have an interest in the property.


However, the rest of the world won't know about your option, and far more importantly - the seller could sell to someone else and cut you out of the deal. sure, you could sue... but it's already done, and it's probably not worth the hassle.


This is where a caveat, called a 'notice' in Ontario, will attach something to the title to ensure the deal is yours. If you go to the land titles office (at least that's what it's called in Alberta) they will have the form, and your lawyer can do it for you also.


But if it's a non-exclusive option - in otherwords where the seller has retained the right to sell it to someone else if they can find a higher bidder - then there's no reason to place a notice on the title.








Thanks,





David.

 

[xray]

Ok, so just my Option to Purchase is enough and I do not need to file anything with the Land Registry office to legally sell her house.


Is this correct?


Should I worry about the "notice" since the listing expires on Dec.28. The real estate agent said she was released from her contract


completely on Dec.28. (no comissions).


Trudy

 

[lanedry77]

Hi Trudy,





You're correct.





I wouldn't sorry about the notice for now - just go get the option and start your marketing.








Thanks,





David,