So how do flex options work in Florida?

4 Replies

Being new and not having yet put any buyers with any sellers I don't feel confident tying up someone's property not knowing for sure I can close the deal, so I just recently came across these (non-exclusive)flex options which seem like a possible solution but then I've read a lot of the DF implications which to me seem a bit ambiguous.

Do they require any consideration to be valid? Are they simple? And can anyone recommend one online or should I leave that up to an attorney to draft?

So if anyone, particularly in Florida can comment on my idea of using these options please do. Thanks

All options require some money to be valid. You just have to negotiate a value. As for the attorney I don't know of any. I am new to Orlando and currently don't use attorneys for any of the my real estate dealings. At least I was able to answer one question for you. Remember an option is the right to buy the property if you find a buyer. It is not tying up the property. The owner can still try to sell the property, but if they find a buyer you then have to activate your option if you want to get paid.

Originally posted by @Account Closed :

All options require some money to be valid. You just have to negotiate a value. As for the attorney I don't know of any. I am new to Orlando and currently don't use attorneys for any of the my real estate dealings. At least I was able to answer one question for you. Remember an option is the right to buy the property if you find a buyer. It is not tying up the property. The owner can still try to sell the property, but if they find a buyer you then have to activate your option if you want to get paid.

Thanks Stephen.  I was soliciting a referral to an actual option form not an attorney.  But looks like you're suggesting an attorney isn't necessary,  at least for yourself,  for (don't know the right verb lol) an option with a seller.  

And as far as it not tying up a property,  thanks.  That's new to me.  I assumed otherwise since I'd just read about "non exclusive flex options".  So by default all options are non-exclusive? Why then the distinction?  

Anyway, suppose the seller finds a buyer and sells the property before you can "activate"  it.  I'm guessing there is something in the option that says the seller has to inform you(?). If not and the option is still attached to the property,  what if the new buyer declines to purchase the option from you before it expires? Are they required to purchase the option before it expires? Thanks :) 

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Yes they do and to make sure they don't go around you, you need to file a 'Memorandum of Option' at the county assessors office against the property. DO NOT record the actual Option Agreement. If you have the option and you record the Memo of Option, when the title company tries to close you have 'clouded' the title and the owner has to deal with you to actually buy the house. You can then negotiate the purchase with the new buyer, as you buying it from the seller and selling it to the new buyer.