Section 8.3 of the course reviews the concept of an Option. (Buying with Zero Down) I have a couple questions about the Option Agreement, and hoping for advice / input from the members on my questions below:
The Option Agreement – Item 2 states: “2. For good and valuable consideration of the, Seller grants to ST the exclusive right and Option to purchase the property upon the terms and conditions set forth herein.”
This statement in the Option Agreement within the course seems to be missing some words after the opening phase “For good and valuable consideration of the,…” As I read that I find myself asking: Of the, what? Is there a part of this sentence that is missing after the comma?
Also, there is no mention of actual “option money” given to the seller for the Option to Purchase, so I was wondering if the members typically give any option money in these land deals? $10 o anything to secure the Option?
Anybody else with experience with Option deals, please share….
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