Option To Purchase Agreement Template: FREE To Download, Edit & Use [DOCX PDF]

Option To Purchase Agreement Templates are used for facilitating a clear understanding between two parties in property and real estate related transactions. On this page, you can freely download our editable buy option agreement template that you can customize to suit your specific needs. Whether it’s a lease with an option to buy contract or a typical property purchase option agreement, our comprehensive property option agreement template serves as an invaluable tool. Furthermore, if you’re navigating the intricate landscape of real estate buying, our real estate purchase option agreement template and house sale option contract template, complete with clear examples, can guide your way. Remember, these templates are not just for viewing but are designed for you to adapt and personalize according to your unique requirements.

1. Parties to the Agreement

This Agreement is made on this _____ day of _____, 20___, by and between ___________ (hereinafter “Seller”), with an address at ________________________ and ___________ (hereinafter “Buyer”), with an address at ________________________.

2. Description of Property

The property subject to this Agreement is located at _____________, and more commonly known as _____________ (the “Property”). The Property includes all fixtures and improvements located thereon.

3. Purchase Price

The Purchase Price of the Property is $_______, payable as follows: $_______ is payable upon signing of this Agreement, and the balance of $_______ will be paid upon the exercise of this option.

4. Option Period

This option to purchase begins on ___________ and expires at midnight on _________.

5. Exercise of Option

This option must be exercised by delivering written notice to the Seller and by paying the balance of the Purchase Price. The option will be deemed exercised only when both these conditions have been met.

6. Closing

Closing will take place on a date to be mutually agreed upon by Buyer and Seller, but no later than _____ days after the exercise of this option.

7. Title and Deed

At closing, Seller will provide a ________ deed, conveying the Property free and clear of all liens and encumbrances, but subject to any restrictions of record and applicable zoning ordinances.

8. Possession and Condition of Property

Possession of the Property will be delivered to Buyer at closing in its present “as is” condition.

9. Risk of Loss

If the Property is destroyed or substantially damaged before the closing, this Agreement will terminate and all payments made by Buyer will be refunded.

10. Default

If Buyer defaults under this Agreement, Seller may retain all payments received as liquidated damages.

11. Governing Law

This Agreement will be governed by and construed in accordance with the laws of the state of _________.

12. Entire Agreement

This Agreement contains the entire agreement between Seller and Buyer and supersedes any prior agreements, understandings, or representations.

13. Modification

This Agreement can only be modified in writing signed by both Seller and Buyer.

14. Binding Effect

This Agreement binds and benefits the parties and their heirs, executors, administrators, successors and assigns.
Date: _________

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An Option to Purchase Agreement can be a fantastic tool for those wanting to secure a property, but unsure of their long-term plans or immediate financial stability. However, there are many other scenarios and types of leases that you should be familiar with. If you’re a landlord renting to students or short-term tenants, you may want to take a look at the Assured Shorthold Tenancy Agreement Template.

Similarly, if you’re a property owner looking to accommodate elderly relatives or construct a secondary dwelling, our Granny Flat Agreement Template could be just what you need. This template outlines the conditions and responsibilities for both parties, providing a solid foundation for a peaceful cohabitation.

If an Option to Purchase Agreement isn’t exactly what you’re searching for, consider our Rent to Own Agreement Template. This lease type is perfect for those who aim to eventually buy the property they’re currently leasing. Lastly, if you’re simply looking for a reliable, straightforward lease template, our Simple Lease Agreement Template has got you covered.

Whether your needs are simple or complex, ClauseClip provides comprehensive templates catering to various property agreements. Remember, every living situation is unique – it’s important to find an agreement that best fits your circumstances.
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