Option Agreement For The Purchase Of Real Estate

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O
A
PTION
GREEMENT FOR
T
P
R
E
HE
URCHASE OF
EAL
STATE
THIS OPTION AGREEMENT FOR THE PURCHASE OF REAL PROPERTY (hereinafter
“Agreement”) is entered on this ____ day of ________, 200__, by and between xxxxxxxxxxxxxxxxxxx,
located at xxxxxxxxxxxxxxxxxxxxxxxxxxx (collectively hereinafter "Owner"), and Xxxxxxxxxxxxxx
xxxxxxxxxxxxxxxx, located at xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx (hereinafter "Purchaser").
W I T N E S S E T H
WHEREAS, Owner is owner of a certain parcel of real property, located in Xxxxxxx County,
State of Xxxxxxxx, more particularly described on attached Exhibit “A” (hereinafter the "Property");
OPTIONAL- WHEREAS, Owner is holding said Property as investment property and is willing
to allow Purchaser to complete various improvements on said Property if Purchaser so chooses, at
Purchaser’s expense;
WHEREAS, Purchaser desires to obtain an option to purchase the Property within a certain
period of time (hereinafter “Option”), in order to protect Purchaser’s potential investment of time and
money;
WHEREAS, Owner is willing to give Purchaser said Option in return for the financial
consideration as set forth in this Agreement,
WHEREAS, the parties desire to reduce their agreement to writing.
THEREFORE, for good and valuable consideration, the receipt of which is hereby
acknowledged, the parties stipulate and agree as follows:
A G R E E M E N T
1. Property. OPTION-1 Owner represents and warrants that it is the beneficial and rightful
owner of the Property, with good and marketable title free and clear of all security interests, mortgages,
liens, pledges, charges, claims, or encumbrances of any kind or character. OPTION 2- Owner represents
and warrants that it is the beneficial and rightful owner of the Property, with good and marketable title,
which is encumbered with certain security interests, mortgages, liens, pledges, charges, claims, or
encumbrances of any kind or character, as more particularly described on Exhibit B.
2. Granting and Exercising of Option. Owner grants Purchaser an irrevocable Option to
Purchase the Property on the terms and conditions set forth in this Agreement. Purchaser may exercise
this Option unilaterally at any time during the term it is offered. Purchaser shall exercise this Option by
delivering written notice to Owner’s address, as set forth above, with standard U.S. postmarked mail
service.
3. Option Price. The consideration Purchaser shall pay for the “Option” to purchase the
Property, shall be Xxxxxxxxxxxxxxxxxxx Dollars ($xxxxxx) (hereinafter “Option Price”). This Option
Price shall be non-refundable and payable upon the execution of this Agreement.
Option Agreement
Page- 1

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