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Option To Purchase Agreement

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  • Gives the buyer (optionee) the option to purchase the land or real estate in question within a certain period of time at a specified price

  • The buyer (optionee) pays the Owner (optionor) an agreed upon sum for this option.  It is not a down payment.  It is a fee for the option.  The optionee has no interest in the property at the signing of the option. Failure to exercise the option by the date specified renders the option void.

  • Signing an option to purchase effectively keeps the property off the market.

  • The optionee has the right to sell or convey his/her interest in the option (the option itself) without the approval of the optionor (owner) though the owner must be notified of any assignment of the option.

  • When the option is exercised, an agreed upon down payment on the purchase price is received by the owner.  Parties then execute Sales and Purchase Agreement.