California Option to Purchase Package

State:
California
Control #:
CA-P069-PKG
Format:
Word; 
Rich Text
Instant download

Description

With this Option to Purchase Package, you will find the forms that are necessary to exercise a right to purchase property or require another to perform upon agreed-upon terms. In an option agreement, a party purchases the right for a certain time, by election, to purchase property at a stated price.


Included in your package are the following forms:


Option to Purchase Addendum to Residential Lease


Residential Lease Agreement


Option For the Sale and Purchase of Real Estate - Residential Lot or Land


Option For the Sale and Purchase of Real Estate - Residential Home


Option For the Sale and Purchase of Real Estate - Commercial Lot or Land


Option For the Sale and Purchase of Real Estate - Commercial Building


Option For the Sale and Purchase of Real Estate - Farm Land


Option For the Sale and Purchase of Real Estate - General Form


Detailed information on forms included:


Option to Purchase Addendum to Residential Lease - This Option to Purchase Addendum to Residential and Lease Agreement is entered into by and between the lessor and the lessee. The lessor agrees not to offer the residence for sale to anyone during the term of the lease, and to give the lessee (tenant) the option to purchase the residence at any time prior to the expiration of the lease, provided the lessee gives notice of intent to purchase in accordance with the provisions of the Addendum. At that point, a separate contract of sale will be executed and the sale will proceed as any sale would.


Residential Lease Agreement and Option to Purchase - This Residential Lease Agreement and Option to Purchase is entered into by and between the lessor and the lessee. This agreement provides that the lessor will rent to the lessee a personal residence located at the address listed in the agreement. The lessee is responsible for paying rent on a monthly basis and the premises must be used as a private dwelling and for no other purpose.


Option For the Sale and Purchase of Real Estate - Residential Lot or Land - This form is for an option to purchase a residential real estate lot or tract of land. It provides for the payment of option money and the procedures for exercise of the option.

Option For the Sale and Purchase of Real Estate - Residential Home - This form is for an option to purchase a residential home. It provides for the payment of option money, sales price, and all terms of the agreement.


Option For the Sale and Purchase of Real Estate - Commercial Lot or Land - This form is for an option to purchase a commercial lot or land. It contains provisions for the payment of option money and other terms of the transaction.


Option For the Sale and Purchase of Real Estate - Commercial Building - This form provides a buyer with an exclusive and irrevocable option to purchase residential real estate, specifically a commercial building.


Option For the Sale and Purchase of Real Estate - Farm Land - This form is for an option to purchase farm land and includes all terms of the transaction.


Option For the Sale and Purchase of Real Estate - General Form - This form is adaptable for general use as an agreement to purchase an option on real estate. Provisions for all relevant details are included to be adapted for use in a particular transaction.


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FAQ

An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer".Under the common law, consideration for the option contract is required as it is still a form of contract, cf.

Option Contracts at a Glance By accepting a certain amount of money in exchange for this option, the seller has bargained away their right to revoke the offer.If the buyer agrees to the terms within the designated time period, then a binding contract is created for the deal.

An options contract is an agreement between two parties to facilitate a potential transaction involving an asset at a preset price and date.Buying an option offers the right, but not the obligation to purchase or sell the underlying asset. For stock options, a single contract covers 100 shares of the underlying stock.

An option agreement is a legally binding contract between two entities outlining each counterparty's responsibilities to the other.

The primary difference is that an option contract entitles the buyer to the option to purchase the items at a later time, whereas a firm offer gives the buyer the right to buy the items outright at any time.

An Option to Purchase agreement is a legal contract signed between a buyer and a seller of a residential property, and basically gives the buyer the exclusive rights to purchase a property from the seller in the future.

A lease-option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.

An option agreement is a legally binding contract between two entities outlining each counterparty's responsibilities to the other.

When a contract is made, it becomes binding the seller must sell and the buyer must buy according to the agreed-upon terms and price. One a contract for an option to buy has been created, the property cannot be sold to anyone else.They will agree upon the price as well as the term that the price will be valid for.

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California Option to Purchase Package