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If you haven't already, you probably need to have the option recorded with your county clerk/recorder. If the option isn't recorded, the current owner could sell the property without your knowledge and get a clear title because the title company can't find an unrecorded option. Then you would have to sue to either get the property back, or get compensation from the parties involved in selling the property. Even after you get the option recorded, you should be pretty diligent about watching the MLS and FSBO listings, and checking the land transfer property records to be sure that the current owner doesn't attempt to ignore your option and sell the property. That said, if he has a buyer lined up to close at 6 months and 1 day, you are out of luck, so you need to get your financing in place sooner rather than later.

Thanks. We'll definitely be watching, and we'll be sure to line up the buy-back of the property ahead of time.

culcha
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