OPTION TO PURCHASE REAL ESTATE
THIS AGREEMENT is an exclusive Option to Purchase Real Estate from (Name),
(Married/Single) (the “Seller”), whose mailing address is(Address), granted this ___day of
___________, 20___, to (Name), (the “Buyer”) whose mailing address is (Address), conveying
the right to purchase the real property known as and being described as that portion of the
following described real property as shown on Exhibit A attached hereto:
The portion of the above-described real property covered by this Option is depicted on
Exhibit A attached hereto (the “Premises”).
1. GRANTING OF OPTION. In consideration for the sum of Ten Dollars
($10.00) (the "Option Price") paid by Buyer to Seller, the receipt and sufficiency of
which are hereby acknowledged, Seller hereby gives and grants to Buyer the exclusive
first right and option to purchase the Premises upon the terms and conditions set forth
in this Agreement. This Option to Purchase shall be for a term commencing on the
date of the recording hereof and shall continue for a period of ten (10) years
thereafter. The Option Price shall be refunded to Buyer if Seller is unable to or
otherwise fails to deliver title to the Premises to Buyer as required herein.
2. EXERCISE OF OPTION. Buyer's Option to Purchase the Premises may be exercised
at any time, either by Buyer's delivery to Seller of a written notice of such exercise, or Buyer's
depositing such written notice in the U.S. Mail, postage prepaid, addressed to Sellers at Seller's
above-stated mailing address, or such other address as Seller may, from time to time, so direct by
written notice to Buyer.
3. PURCHASE PRICE. If Buyer exercises its option hereunder, the purchase price for the
Premises shall be the sum of Ten Thousand Dollars ($10,000.00) (the "Purchase Price"). The
Purchase Price shall be paid as follows:
A. Seller hereby acknowledges receipt from Buyer of the Option Price (also referred
to herein as the “Deposit”) to be applied toward payment of the Purchase Price.
B. At closing, Buyer shall pay, by wire transfer or bank check, the remaining balance
due on the Purchase Price, plus or minus the adjustments to be made thereto.
4. INSTRUMENTS OF CONVEYANCE. Seller shall deliver copies of the following
documents to Buyer and the originals of the following documents to (title company), (address),
(the “Title Company”) at least five (5) days prior to the closing date set forth herein:
A. A good and sufficient general warranty deed, with general warranty covenants,
with necessary dower releases, conveying to Buyer good and sufficient marketable and insurable
fee simple title to the Premises, free and clear of all liens, mortgages, clouds, encumbrances and
encroachments whatsoever, except the following: (i) real estate taxes which are a lien against
the Premises, but are not yet due and payable as of the closing date, which shall be pro-rated to
the closing date; and (ii) easements, covenants, conditions, reservations and restrictions of
record, if any, which have been approved by Buyer prior to the closing date and which do not
interfere with Buyer's intended use of the Premises;
B. Any other consents, permits, approvals, instruments, documents or agreements
which are reasonably requested by Buyer, Buyer's legal counsel and/or the Title Company in
order to consummate the transaction contemplated hereby.
5. SURVEY. Buyer, at Buyer’s cost, may cause a survey to be performed of the Premises.
This survey may verify that there are no encroachments onto or off of the Premises or any other
matters which would adversely affect or prevent Buyer’s intended use and improvement of the
Premises, may provide legal descriptions suitable for recording and transfer of the Premises, and
may cause the Premises and all parcels included therein to be staked at all corners of each parcel.
Buyer may obtain any and all subdivision, surveys, platting, regional planning and/or any other
necessary permits and approvals in order to accomplish the transfer of the Premises to Buyer,
Buyer's designees or any other party entitled thereto hereunder. Seller agrees to execute and
deliver any and all instruments, applications, deeds and/or documents which Buyer deems
necessary to effectuate transfer of the Premises to Buyer.
6. CLOSING. Subject to the terms and conditions herein, the transfer of the Premises
contemplated herein shall close on a date acceptable to Buyer, in Buyer’s sole discretion, but in
any event such transfer shall close within one hundred eighty (180) days after Buyer’s exercise of