Overconfident PATH land agents are getting sloppy -- we now have one of PATH's Option for Real Estate Sale and Purchase contracts. This is the form they want landowners to sign and then, "The Parties agree to not record this agreement. A separate Memorandum of Option may be recorded." In other words, the form they file with the county clerk gives very little detail, but still preserves their option rights to the property. And you know what they say, the devil is in the details, and the details in this unfiled Option look like they were penned by Satan himself (or one of his attorneys).
Please, property owners, do not sign one of these without your own legal counsel! It appears to be written to give every legal advantage to PATH and strip every legal advantage from the property owner and leave them responsible for a bunch of potential future headaches and financial obligations.
Think of it this way -- if you were selling your property to any other individual or entity in the open market, would you allow the buyer to create all contracts, and then sign them at your kitchen table without an attorney present and then hope everything works out okay? No, in the real world, both parties have an attorney representing their own interests present at settlement as a safeguard against underhanded or illegal practices. Try not to get distracted by that wad of cash the land agent is waving around, because surely he's a snake and that cash is the apple that tempted Eve.
We will be adding more details about this contract (along with explanations of some of its provisions which may not be in the best interests of the property owner) to our Landowner Resources section very soon. Please, protect your rights!
Please, property owners, do not sign one of these without your own legal counsel! It appears to be written to give every legal advantage to PATH and strip every legal advantage from the property owner and leave them responsible for a bunch of potential future headaches and financial obligations.
Think of it this way -- if you were selling your property to any other individual or entity in the open market, would you allow the buyer to create all contracts, and then sign them at your kitchen table without an attorney present and then hope everything works out okay? No, in the real world, both parties have an attorney representing their own interests present at settlement as a safeguard against underhanded or illegal practices. Try not to get distracted by that wad of cash the land agent is waving around, because surely he's a snake and that cash is the apple that tempted Eve.
We will be adding more details about this contract (along with explanations of some of its provisions which may not be in the best interests of the property owner) to our Landowner Resources section very soon. Please, protect your rights!
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