Posted by John Behle on October 31, 1998 at 12:41:09:
In Reply to: Re: State form would work fine posted by Bud Branstetter on October 30, 1998 at 09:47:28:
Our state form (UTAH) has a similar clause that I re-worded a little. Clauses to protect you from any costs and time advanced are helpful. I had an attorney work up a form one time that was 17 pages. I rarely use it, but it is included and explained in my videos. My strategy is prevention - not recourse. Not that you have to choose between the two. To me, prevention means everything and recourse means very little.
I use an option agreement instead of a purchase agreement to record a notice of interest or notice of option - to "cloud" the title. (This could be done with a purchase agreement also). No matter how binding or "toothy" my agreement is, I have still had them sell the note to someone else - at first. That is why I record the notice. Any intelligent buyer will search the title and be stalled in an attempt to buy the note once I have my option. I also make that very clear to the note seller. More on this in another post.