This option to buy agreement long template has 3 pages and is a MS Word file type listed under our real estate documents.
Sample of our option to buy agreement long template:
OPTION TO BUY AGREEMENT This Option to Buy Agreement (the "Agreement") is made and effective [DATE] BETWEEN: [YOUR COMPANY NAME] (the "Owner"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [NAME] (the "Buyer"), an individual with his principal place of living located at: [COMPLETE ADDRESS] WHEREAS, Owner is the fee proprietor of certain real property being, lying and situated in [CITY], [STATE/PROVINCE], such real property having a street address of [COMPLETE ADDRESS] (the "Property"). WHEREAS, Owner and Buyer have together executed a prior lease agreement; NOW, THEREFORE, in consideration of the mutual covenants set forth herein and intending to be legally bound, the parties hereto agree as follows: Buyer hereby pays to Owner the sum of $[AMOUNT] in consideration for this option, which option [SHALL OR SHALL NOT] be credited to the purchase price if option exercised. The Owner shall not refund the fee if the Buyer defaults in the Lease Agreement, fails to close the conveyance, or otherwise does not exercise the option to purchase. Buyer has the option and the right to buy [DESCRIBE PROPERTY] during the option period for the full price of $[AMOUNT]. Provided that the Buyer timely executes the option to purchase, is not in default of the Lease Agreement, and closes the conveyance of the Property, the Owner [SHALL OR SHALL NOT] credit towards the purchase price at closing the sum of $[AMOUNT] from each monthly lease payment that the Buyer timely made. The Buyer [SHALL OR SHALL NOT] receive credit at closing for any monthly lease payment that the Owner received after the due date specified in the Lease Agreement. The option to purchase period commences on [START DATE] and will remain in effect until [END DATE], and thereupon expire unless sooner exercised. To exercise the option, Buyer must notify Owner of same by certified mail within the option period. The closing date must occur before the original expiration date of the Lease Agreement, or the date of the expiration of the Option to Purchase Agreement, whichever occurs later. This Option to Purchase Agreement is exclusive and non-assignable and exists solely for the benefit of the named parties above. Should Buyer attempt to assign, convey, delegate, or transfer this option to purchase without the Owner's express written permission, any such attempt shall be deemed null and void. If Buyer exercises the option, then Buyer and Owner agree to sign the attached and completed contract of sale, and consummate the sale on its terms. Owner shall determine the title company at which settlement shall occur and shall inform Buyer of this location in writing
