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					                                Option to Purchase Real Property


       Agreement made on the (date), between (Name of Purchaser) of (street address, city,
county, state, zip code), referred to herein as Purchaser, and (Name of Seller), of (street
address, city, county, state, zip code), referred to herein as Seller.

        For and in consideration of $____________ paid to Seller and the mutual covenants
contained in this Agreement, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

1.        Seller hereby grants to Purchaser the exclusive option to purchase the real property
located at (street address, city, state, zip code), and being more particularly described in
Exhibit A attached hereto and made a part hereof by reference. The real property described
above is collectively referred to in this Agreement as Property. Transfer to Buyer shall include all
right, title, and interest of Seller in and to all streets, alleys, roads, and avenues adjoining the
Property, and shall further include any award for damaging or taking by eminent domain by
public or quasi-public authority, of the Property or any part of it.

2.     Price and Terms of Payment
       The purchase price for the Property shall be $_______________, which shall be paid,
on exercise of this Option by Purchaser, as follows: (set forth terms of payment).

3.      Period of Option and Extension
        This Option may be exercised by giving notice of exercise to Seller at any time during
from the date of this Agreement until (time of day) on (date). If the Option is extended as
provided below, this Option may be exercised as aforesaid until (time of day), on the day of end
of the extension period. The Option may be so extended by Purchaser giving Seller written
notice of extension prior to the termination of the primary period, and paying to Seller at the time
of the notice the additional consideration of $___________.

4.       Title
         If the Option is exercised, Seller shall within (number) days after the delivery to Seller of
the notice of exercise, secure and submit to Purchaser for examination by Purchaser's attorneys
evidence of merchantable title in the Property by preliminary title report of a qualified title
insurance company doing business in (name of state). Within (number) days after receipt of
such evidence, Purchaser shall give notice in writing to Seller of any defects in or objections to
the title as so evidenced, and Seller shall clear the title of the defects and objections so
specified. If Seller fails to clear title to the extent required in this Option or to submit evidence of
Seller's ability to do so prior to closing, and such failure continues for (number) days after the
date of exercise of the Option, Purchaser may clear title to the extent so required and charge
the cost of clearing to Seller or, at Purchaser's option, may terminate the contract by giving
(number) days' written notice to Seller. Title to be conveyed as provided in this Option shall be
merchantable title, free and clear of all liens, encumbrances, restrictions, and easements,
except the following: (description of exceptions).

5.      Escrow and Closing
        An escrow shall be opened with (name of escrow agent), of (street address, city, state,
zip code), within (number) days after the exercise of this Option. All necessary documents shall
be delivered to the escrow agent and all payments required under this Option, including
payment of the balance of the purchase price, shall be made to escrow agent. Seller and
Purchaser shall execute such escrow instructions, not inconsistent with the terms of this
Option, as may be requested by the escrow agent from time to time. Taxes and assessments
for the current year, water rents due but not delinquent, rentals under existing leases and
tenancies, and (description of other items) shall be prorated between the parties as of the date
of the closing of escrow. The sales transaction shall close when the escrow agent is able to
comply with the provisions of this Option. If closing is not accomplished within (number) days
from the date of exercise of this Option or such subsequent extended period, not to
exceed (number) days, as provided for by escrow instructions, at the election of either party the
escrow shall
				
DOCUMENT INFO
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Description: An option is essentially a unilateral offer given by the owner or seller to the offeree for a definite or determinable period of time and supported by consideration. An option does not result in any obligation on the part of the prospective purchaser until and unless the offer is accepted prior to its expiration.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),