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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Ward's Purchase Option to Protect Equity Posted by AquariusDawnCA on June 02, 2009 at 12:14 AM In Reply to: Ward's Purchase Option to Protect Equity posted by JP on June 01, 2009 at 11:06 AM I'm not a legal or tax advisor, but... and I did not read Ward's articles that you reference yet,but... 1) OPTION TO PURCHASE: Q: How long can an OP be valid? A: It is entirely up to the Optionor and the Optionee. A lot of folks go with a 1 year like a rental lease, others go longer, depends on your goals and concerns. You are deep legally on the what ifs scenarios. Just remember honesty is the best policy, do unto others as you would have them do unto you. Is someone trying to take advantage of you or visa versa? Title Insurance is unlikely on a clouded title. Sounds pretty messy to me, what tangled webs we weave! I better read the articles. Good Luck! : After reading Ward's May 2009 article on ways to protect your equity from judgments, I have the following questions: : 1: “Option to Purchase” : If a judgment was recorded after the "Option to Purchase" was recorded and if the “Option to Purchase” was exercised after the judgment was recorded, would Title companies allow the sale to proceed without a release from the holder of the judgment? : How long can an “Option to Purchase” reasonably be valid? If I record multiple quitclaims to cancel the current Option and re-record multiple “Option to Purchase”, won’t that look suspicious? : 2: "Friendly Trust Deed" : Tell me if I am thinking how to implement this idea correctly. : If a judgment is recorded after my friendly deed of trust is recorded, I see no need to have my friendly deed of trust foreclose on the property unless I actually do want to sell the property. It is my understanding that a judgment has no power to force the sale of the property and can potentially expire after 10 years if the judgment is not re-recorded. : If I decide I want the friendly deed of trust to foreclose now, I create the “straight note” with the term ending now (because no note is initially created when the friendly deed of trust is recorded). This gives the friendly bene the power to "timely" foreclose. Follow Ups: Re: Ward's Purchase Option to Protect Equity Duh 12:39 AM, 06/02/09 (1) Re: Ward's Purchase Option to Protect Equity AquariusDawnCA 12:52 AM, 06/02/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I'm not a legal or tax advisor, but... : and I did not read Ward's articles that you reference yet,but... : 1) OPTION TO PURCHASE: : Q: How long can an OP be valid? : A: It is entirely up to the Optionor and the Optionee. A lot : of folks go with a 1 year like a rental lease, others go longer, : depends on your goals and concerns. : You are deep legally on the what ifs scenarios. Just remember : honesty is the best policy, do unto others as you would have : them do unto you. : Is someone trying to take advantage of you or visa versa? : Title Insurance is unlikely on a clouded title. : Sounds pretty messy to me, what tangled webs we weave! I : better read the articles. : Good Luck! : : : After reading Ward's May 2009 article on ways to protect your equity from judgments, I have the following questions: : : 1: “Option to Purchase” : : If a judgment was recorded after the "Option to Purchase" was recorded and if the “Option to Purchase” was exercised after the judgment was recorded, would Title companies allow the sale to proceed without a release from the holder of the judgment? : : How long can an “Option to Purchase” reasonably be valid? If I record multiple quitclaims to cancel the current Option and re-record multiple “Option to Purchase”, won’t that look suspicious? : : 2: "Friendly Trust Deed" : : Tell me if I am thinking how to implement this idea correctly. : : If a judgment is recorded after my friendly deed of trust is recorded, I see no need to have my friendly deed of trust foreclose on the property unless I actually do want to sell the property. It is my understanding that a judgment has no power to force the sale of the property and can potentially expire after 10 years if the judgment is not re-recorded. : : If I decide I want the friendly deed of trust to foreclose now, I create the “straight note” with the term ending now (because no note is initially created when the friendly deed of trust is recorded). This gives the friendly bene the power to "timely" foreclose. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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