Option to Purchase Real Estate Agreement
Contract granting exclusive right to purchase real estate within specified timeframe and price, providing flexibility while securing future purchase opportunity without obligation.
Key Clauses
Whereas
Establishes property owner's willingness to grant purchase option and buyer's interest in future acquisition.
Grant Of Option
Specifies exclusive right to purchase property and confirms no obligation to complete purchase.
Option Period
Defines duration of option period and any extension rights or renewal procedures.
Option Fee
Details consideration paid for option right, whether refundable or applicable to purchase price.
Purchase Price And Terms
Establishes purchase price, financing terms, and conditions for completing property acquisition.
Exercise Of Option
Specifies procedures for exercising option and converting to binding purchase agreement.
Use This Template
When You Need This
- Securing future purchase right while arranging financing or permits
- Controlling valuable property without immediate capital commitment
- Developing contingent purchase plans based on market conditions
- Acquiring property subject to successful due diligence completion