VIEWS: 233 PAGES: 7 CATEGORY: Real Estate POSTED ON: 8/29/2011
An Option Agreement is a legal document between a buyer and seller, where the seller gives the buyer an option to purchase a piece of real property for a fee. If the buyer chooses to exercise their right, the buyer has the exclusive right to purchase the property. This document in its draft form contains numerous of the standard clauses commonly used in these types of agreements; however, additional language may be added to allow for customization to ensure the specific terms of the parties’ agreement are addressed. Use this agreement if one wants to give or receive an option to purchase real property.
"Option Agreement for Purchase of Real Property"