Get Option For Purchase/sale Of Real Property

Filling out the Option for Purchase/Sale of Real Property online is an important step in securing a real estate transaction. This guide will provide you with clear and detailed instructions to navigate the form with confidence, whether you are a seller or purchaser.

Follow the steps to complete the form effectively.

1. Click the ‘Get Form’ button to obtain the form and open it in your preferred online editor.
2. Begin by filling in the details for the First Party (Seller). Include their name, legal age, residency details in Puerto Rico, and the reference 'SELLER'.
3. Next, complete the information for the Second Party (Purchaser) by providing their name, legal age, residency information in Puerto Rico, and refer to them as 'PURCHASER'.
4. In the Purchase/Sale Option section, indicate the details of the property being sold, including the name of the seller from whom the property was acquired, the property number assigned by the Department of the Treasury, and any relevant property register information.
5. Fill in the Terms and Conditions section. State the exclusive purchase price being offered for the property. Specify the deposit amount the Purchaser must deliver as a guarantee, alongside the time frame for the option.
6. Clarify the responsibilities and legal procedures. Make sure to detail the obligations of both Seller and Purchaser regarding the execution and completion of the purchase/sale contract.
7. Include any agreements regarding liens or encumbrances on the property, ensuring both parties understand the terms of ownership and responsibilities for documentation and expenses.
8. Identify who will be responsible for future property taxes until the sale is completed, distinguishing between the Seller and Purchaser.
9. Detail the delivery and possession terms. Note any authorized modifications the Purchaser may undertake and conditions around reimbursement in the event the purchase cannot be completed.
10. Upon reviewing all entries for accuracy, finalize the document by confirming the date and location of signing, and secure signatures from both parties at the bottom.
11. Finally, ensure to save your completed form. You may download it, print it, or share it as necessary for your records or further processing.

Start your document management journey by filling out your forms online today!