An option is essentially a unilateral offer given by the owner to the offeree for a definite period of time and supported by consideration. An option does not result in any obligation on the part of the prospective Buyer until and unless the offer is accepted prior to its expiration.
Option to Purchase Real Property Agreement made on the (date), between (Name of Buyer) of (street address, city, county, state, zip code), referred to herein as Buyer, and (Name of Seller), of (street address, city, In consideration of $____________ paid to (name of Seller), of (street address, city, county, state, zip code), receipt of which is acknowledged, Seller gives and grants to (name of Buyer), of (street address, city, county, state, zip code), the exclusive option to purchase that certain real property (the Property) described in Exhibit A attached hereto and made a part hereof, together with the buildings and all other improvements on the Property, including all easements, rights of way, and appurtenances, and all of Seller's right, title, and interest in all public ways adjoining the Property. 1. Price and Terms of Payment The purchase price for the Property shall be $________________, which shall be paid, on exercise of this option by Buyer, as follows: (terms of payment). 2. Period of Option and Extension This option may be exercised by giving notice of exercise to Seller at the above address of Seller, at any time during the primary period from the date of this instrument until (time of day), on (date of expiration); or during the extension period, if the option is extended as provided below, until (time of day), on (date of end of extension period). The option may be so extended by Buyer giving Seller written notice of extension prior to the termination of the primary period, and paying to Seller at the time of
Pages to are hidden for
"Option to Purchase Real Property"Please download to view full document