Thanks for the series on contracts, and making this training available for us.. I would like to know just what do I do with an option contract since I also need a purchase contract for my buyer, right? How does it work? Am I liable for the contract if I do not record my option, and the document gets either lost or destroyed in a fire? Also I have a bit of worry of what happens if the title company misplaced or lost my option contract and they have the purchase contract? Seems like I need to get options recorded to protect myself, but would like to avoid the expense. How much is the usual charge to record an option at a recorders office. Do I need it noterized? How much to expect for that charge? Do I staple the option contract onto the purchase contract? Or do I declare in an addendum to the purchase contract that there is a option to purchase on this contract? If so what is the usual wording of the clause?
If you could outline just how to do the assignment of an option contract, how to submit it, how to protect oneself from being obligated to the purchase contract etc., it would be very helpfull and put away some of my worrys about messing up. I need to do it right the first time, as do not have much money right now.

David

I don’t bather to look it up myself but I make sure that it is part of the agreement before close of title.