This option to purchase real estate property template has 4 pages and is a MS Word file type listed under our real estate documents.
Sample of our option to purchase real estate property template:
OPTION TO PURCHASE This Option to Purchase (the "Agreement") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Purchaser"), an individual with his main address located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the "Vendor"), an individual with his main address located at: [COMPLETE ADDRESS] OPTION TO PURCHASE I, the undersigned, [SECOND PARTY NAME] (the "Vendor") residing at [FULL ADDRESS], [State/Province] of [STATE/PROVINCE], in consideration of the sum of [AMOUNT] ($[AMOUNT]) and other good and valuable consideration, the receipt of which is hereby acknowledged, do hereby grant to [YOUR COMPANY NAME] (the "Purchaser") an irrevocable option to purchase from me the immoveable property in the City of [CITY] more specifically described below (the "Option"). DESCRIPTION That certain emplacement known as Lot Number [NUMBER] on the Official Plan and Book of Reference for the City of [CITY], [State/Province] of [STATE/PROVINCE], having a frontage of approximately [NUMBER] feet and a depth of approximately [NUMBER] feet (the "Property"). PURCHASE PRICE The total purchase price for the Property shall be $[AMOUNT] ($[AMOUNT]) (the "Purchase Price"). TERM AND EXERCISE This Option to Purchase shall be valid for the period of [NUMBER] ([NUMBER]) months commencing on [DATE] and terminating at midnight, [DATE] (the "Term"). [YOUR COMPANY NAME] may exercise the Option at any time prior to the expiration of the Term by notice in writing to that effect, delivered by hand or sent by prepaid registered mail to the Vendor, [FULL ADDRESS]. Should [YOUR COMPANY NAME] not exercise the Option prior to the expiry of the Term, this Option to Purchase shall forthwith be null and void and of no further effect. LEASE For the period of the Term, the Vendor shall lease the Property to [YOUR COMPANY NAME] on the terms and conditions set out in the following subsections and unless [YOUR COMPANY NAME] exercises the Option during the [NUMBER] ([NUMBER]) months of the Term, the Vendor shall be bound to lease the Property for the entire duration of the Term: Rent The rent for the Term shall be $[AMOUNT] ($[AMOUNT]) (the "Rent"), payable by [YOUR COMPANY NAME] by check in equal and consecutive monthly installments of $[AMOUNT] DOLLARS ($[AMOUNT]) (the "Rental Installments"), in advance on the [NUMBER] ([NUMBER]) day of each month during the Term. Premises The lease contemplated in this Section 5 shall include the Property and the land and buildings erected thereon (referred to in this Section as the "Leased Premises") as well as all moveable property of whatsoever kind or description contained in the Leased Premises, including tools, machinery, furniture, appliances, utensils, decorations as well as other objects which are destined to furnish and ornament the said buildings (referred to in this Section as the "Moveable Effects"). 5.3 Electricity and Utilities The cost of supplying all electricity and utilities, used or consumed in the Leased Premises during the Term shall be borne by [YOUR COMPANY NAME]. 5.4 Other Obligations During the Term, [YOUR COMPANY NAME] shall: (i) maintain the Leased Premises in a habitable condition and in a good state of repair and (ii) not remove any of the Moveable Effects from the Leased Premises. 5.5 Idem [YOUR COMPANY NAME] agrees to pay the Rental Installments and the electricity and utility charges pursuant to this Section 5 solely in consideration of the Vendor leasing the Leased Premises to [YOUR COMPANY NAME] for the Term. Should [YOUR COMPANY NAME] not exercise the Option, he shall have no right or recourse against the Vendor for any of the amounts paid pursuant to this Section 5. 5.6 Expiry of Term Should [YOUR COMPANY NAME] not exercise the Option, [YOUR COMPANY NAME] agrees that at the expiration of the Term he shall: (i) leave the Leased Premises in a clean condition and in a good state of repair and (ii) leave all Moveable Effects in the same condition they were in at the beginning of the Term. PURCHASE TERMS AND CONDITIONS Should [YOUR COMPANY NAME] exercise the Option, the Vendor undertakes to sell and transfer ownership of the Property to [YOUR COMPANY NAME] within [NUMBER IN LETTERS] ([NUMBER]) days of the date of exercise of the Option, upon the following terms and conditions: 6.1 Payment
