How to secure off market deal?

[Lakshay G.]

an off market deal kind of worked out for me yesterday. We set and agreed on a property on a handshake with the property owner. How can I solidify this deal and make it mine in case the seller goes to someone else? Do I draft some sort of a letter and pay the property owner some money? I was only looking listed properties but this pleasant deal came through and now I don't have my guns loaded for this situation. This situation is kind of forcing me to become a wholesaler and I so don't have any experience with that. All suggestions are highly appreciated.

It'll cost me money to start settlement process with attorney's office and what if the owner backs out after 2 weeks?

[Roland Paicely]

The easiest way to solidify this deal is to get the seller to sign a contract.