Best way to lock in a future deal?

Question

I am working on a deal to purchase a seasonal short term rental property next year. We are 99% there as far as negotiations, and fortunately both the seller and I are on the same page that we want the transaction to happen at the beginning of next year's rental season. The seller wants rest of the income from this season, and I don't want to hold the property over the winter.

The big question to the community - what is the best way to lock down the deal. I want to make sure the deal is sealed and that the seller won't have an out. I don't know that a boiler plate P&S is strong enough to prevent the seller bailing and going with a more lucrative offer at some point over the next 8-9 months if one should come along. Is a P&S with a large bailout penalty out of the norm, or unenforceable? Any other ideas, or ways that people have done this?

Thanks in advance!

Tom Rittenburg · Answer

@Jaron - thanks for the response. I'm sorry if my original post wasn't clear. The seller is actually the one looking to push the sale until next year as she wants this season's income from the property. This works well for me too. The seller wants to lock the deal as much as I do, so this is a mutual goal between both of us.

Jaron Walling · Answer

No offense but from a sellers prospective I'm not going to sign that. If you want to BUY my property and we agreed to the price BUY the damn property. With the way real estate markets are going you're just asking for them to find an out like you mentioned. Prices have gone to the moon already and who knows what happens next year. The Feds are already hinting at increasing interest rates. What happens you realize you're vastly over paying in 8 months?

It's just food for thought.