An option is a contract to purchase the right for a certain time, by election, to purchase property at a stated price. An option may be a right to purchase property or require another to perform upon agreed-upon terms. By purchasing an option, a person is paying for the opportunity to elect or "exercise" the right for the property to be purchased or the performance of the other party to be required. "Exercise" of an option normally requires notice and payment of the contract price. The option will state when it must be exercised, and if not exercised within that time, it expires. If the option is not exercised, the amount paid for the option is not refundable.
Maryland Option to Sell Real Property if Option Executed within Certain Period of Time — Continuing Offer In the state of Maryland, property owners have the option to sell their real estate within a specific timeframe through a unique legal mechanism called "Maryland Option to Sell Real Property if Option Executed within Certain Period of Time — Continuing Offer". This provision enables property owners to offer their property for sale to potential buyers while maintaining the option to execute the sale themselves within a specified period. The Maryland Option to Sell Real Property if Option Executed within Certain Period of Time — Continuing Offer allows property owners to test the market and determine the highest possible price for their property. It provides them with the freedom to accept an offer from a prospective buyer or retain ownership of the property if they decide to exercise their option to sell. There are several types of Maryland Option to Sell Real Property if Option Executed within Certain Period of Time — Continuing Offer: 1. Traditional Option: This type of option allows property owners to enter into a contract with a purchaser, granting them the right to buy the property within a specific period. During this time, the property owner cannot offer the property to any other buyer. If the purchaser chooses not to exercise the option, the property owner retains ownership. 2. Multiple Offer Option: In this variation, property owners can entertain offers from multiple potential buyers simultaneously. Each offer received triggers a specific timeframe within which the property owner must exercise their option to sell, or the offer will become void. 3. Auction Option: This type of option involves auctioning the property to potential buyers within a specific period. The highest bidder is then granted the option to purchase the property, and the property owner can decide whether to execute the sale within the given timeframe. 4. Back-Up Option: With this type of option, property owners can accept an initial offer from a prospective buyer, but the agreement includes a provision allowing them to accept a better offer received within a specific period. If a superior offer is submitted, the property owner can exercise their option to sell to the new buyer. The Maryland Option to Sell Real Property if Option Executed within Certain Period of Time — Continuing Offer provides property owners with flexibility and control over the sale of their real estate. It allows them to explore various offers and market conditions before committing to a final sale, ultimately ensuring they make an informed decision about their property's value and potential market demand.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
