General Form Option To Purchase Real Estate (Page 3 of 4) in pdf

General Form Option To Purchase Real Estate Page 3

___________________________

___________________________________________________________________

_________________________________________________ ( set forth exceptions).

FOUR: ESCROW; CLOSING:

An escrow shall be opened with _________________ (name of escrow agent) of

______________________________________ (address) within ______ days after

exercise of this option. All necessary documents shall be delivered to the escrow agent and

all payments required hereunder, including payment of the balance of the purchase price, shall

be made to escrow agent. Seller and purchaser shall execute such escrow in instructions, not

inconsistent with the terms of this option, as may be requested by the escrow agent from time

to time. Taxes and assessments for the current year, water rents due but not delinquent,

rentals under existing leases and tenancies, and _____________ (specify other items) shall be

prorated between the parties as of the date of closing of escrow. The sale transaction shall

close when the escrow agent is able to comply with the provisions hereof. If closing is not

accomplished within __________ days from the date of exercise of this option or such

extended period thereafter, not to exceed ________ days, as provided for by escrow

instructions, at the election of either party the escrow shall be terminated, and all deposits

made on the account of the purchase price and instruments deposited in escrow shall be

returned to the respective parties entitled thereto.

FIVE: POSSESSION AND RISK OF LOSS:

Seller shall continue in possession of the property until close of escrow, and shall maintain the

same in its present condition, reasonable wear from ordinary use excepted. Possession shall

be transferred to purchaser (on closing or within ___________ days after closing).

SIX: NOTICES:

General Form Option To Purchase Real Estate Page 3