"Option to Purchase Real Estate Agreement Template"

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OPTION TO PURCHASE REAL ESTATE
THIS AGREEMENT is made and entered into this ____ day of
________________, 20___, by and between
,
(hereinafter referred to as "Optionor/Seller"), and
______________________________________________, (hereinafter referred to as
"Optionee/Purchaser").
WITNESSETH, that for and in consideration of the non-refundable payment of
$____________________ to Optionor/Seller by Optionee/Purchaser and the mutual
promises and covenants hereinafter set forth, the parties hereto agree as follows:
l.
Form of Contract of Sale. Seller binds himself to enter into a contract with
Purchaser, a copy of which is annexed hereto and made a part hereof as Exhibit "A",
upon the exercise by Purchaser of this option.
2.
Expiration of Option. This option shall expire on the ____ day of
_______________________, 20 _____.
3.
Extension of Option Period. Purchaser shall have the further option, on or before
the ____ day of ________,
20 ___, to extend the option period for an additional
period of _______ days, to the _______ day of ________________, 20 _____, upon
giving notice of the extension of the option period to Seller prior to the ________ day
of _________________, 20 _____, and tendering to Seller the amount of real estate
taxes for the extended period payable upon the property covered by this option and
additional consideration in the amount of $______________. Only one such
extension shall be granted under this option agreement.
4.
Method of Giving Notice. This option is to be extended and exercised by Purchaser
giving written notice, mailed by certified mail, return receipt requested, to Seller at
__________________________________________________________.
5.
Agreement Binding. This Agreement shall be binding upon the parties hereto and
their respective heirs, administrators, successors, and assigns.
6.
Governing Law. This agreement, and all transactions contemplated hereby, shall
be governed by, construed and enforced in accordance with the laws of the State of
________________. The parties herein waive trial by jury and agree to submit to the
personal jurisdiction and venue of a court of subject matter jurisdiction located in
____________ County, State of ________________. In the event that litigation
results from or arises out of this Agreement or the performance thereof, the parties
agree to reimburse the prevailing party's reasonable attorney's fees, court costs, and
all other expenses, whether or not taxable by the court as costs, in addition to any
other relief to which the prevailing party may be entitled. In such event, no action
OPTION TO PURCHASE REAL ESTATE
THIS AGREEMENT is made and entered into this ____ day of
________________, 20___, by and between
,
(hereinafter referred to as "Optionor/Seller"), and
______________________________________________, (hereinafter referred to as
"Optionee/Purchaser").
WITNESSETH, that for and in consideration of the non-refundable payment of
$____________________ to Optionor/Seller by Optionee/Purchaser and the mutual
promises and covenants hereinafter set forth, the parties hereto agree as follows:
l.
Form of Contract of Sale. Seller binds himself to enter into a contract with
Purchaser, a copy of which is annexed hereto and made a part hereof as Exhibit "A",
upon the exercise by Purchaser of this option.
2.
Expiration of Option. This option shall expire on the ____ day of
_______________________, 20 _____.
3.
Extension of Option Period. Purchaser shall have the further option, on or before
the ____ day of ________,
20 ___, to extend the option period for an additional
period of _______ days, to the _______ day of ________________, 20 _____, upon
giving notice of the extension of the option period to Seller prior to the ________ day
of _________________, 20 _____, and tendering to Seller the amount of real estate
taxes for the extended period payable upon the property covered by this option and
additional consideration in the amount of $______________. Only one such
extension shall be granted under this option agreement.
4.
Method of Giving Notice. This option is to be extended and exercised by Purchaser
giving written notice, mailed by certified mail, return receipt requested, to Seller at
__________________________________________________________.
5.
Agreement Binding. This Agreement shall be binding upon the parties hereto and
their respective heirs, administrators, successors, and assigns.
6.
Governing Law. This agreement, and all transactions contemplated hereby, shall
be governed by, construed and enforced in accordance with the laws of the State of
________________. The parties herein waive trial by jury and agree to submit to the
personal jurisdiction and venue of a court of subject matter jurisdiction located in
____________ County, State of ________________. In the event that litigation
results from or arises out of this Agreement or the performance thereof, the parties
agree to reimburse the prevailing party's reasonable attorney's fees, court costs, and
all other expenses, whether or not taxable by the court as costs, in addition to any
other relief to which the prevailing party may be entitled. In such event, no action
shall be entertained by said court or any court of competent jurisdiction if filed more
than one year subsequent to the date the cause(s) of action actually accrued
regardless of whether damages were otherwise as of said time calculable.
7.
Specific Performance. In addition to the remedies specified hereinabove,
Purchaser may, in the event of default by Seller, enforce this agreement through an
action for specific performance.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and
seals the day and year first above written.
Signed, sealed and delivered
in the presence of:
"SELLER"
____________________________
_______________________________
Witness
____________________________
Witness
"BUYER"
____________________________
Witness
____________________________ _______________________________
Witness
2
STATE OF ______________
COUNTY OF ______________
Before me personally appeared
to me well known and known to
me to be the person(s) described in and who executed the foregoing instrument, and
acknowledged to and before me that he executed said instrument for the purposes therein
expressed.
WITNESS my hand and official seal, this __________ day of
____________________, 19 _____.
Notary Public, State of
_______________________
(SEAL)
My Commission Expires:
STATE OF ________________________
COUNTY OF ________________________
Before me personally appeared
, to me well known and known
to me to be the person(s) described in and who executed the foregoing instrument, and
acknowledged to and before me that he executed said instrument for the purposes therein
expressed.
WITNESS my hand and official seal, this __________ day of
____________________, 19 _____.
_____________________________
Notary Public, State of
(SEAL)
My Commission Expires:
3
EXHIBIT "A"
(Attach Copy of Contract for Sale and Purchase)
4
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