California Option Agreement For Land Purchase
Description
How to fill out California Option To Purchase Package?
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FAQ
An option agreement is a contract between the owner of a property and a potential buyer, giving the buyer the right to serve notice upon the seller to sell the property either at an agreed price or at its market value. Often, the purchaser will pay the seller a fee for entering into an option agreement.
An option contract in real estate ensures that the buyer has exclusive real estate purchase rights. In addition to exclusivity, the buyer is under no obligation to follow through on the purchase. A seller is also not required to reserve the property indefinitely.
The option can also be used as an investment: Someone buys the option, waits for the land's value to increase, then exercises the option, buys the property, and makes a profit on its sale. In an option contract, only the seller is bound. That is, the buyer is not required to eventually buy the place.
How does an option contract benefit a land developer? It allows the option holder to control a parcel for minimum cost and risk while putting the project together.
A developer and a landowner can enter into an Option Agreement, which gives the developer the option to purchase the land (usually at and agreed sum, or at market price less pre-agreed deductions) and the ability to obtain planning, without the risk that they will be compelled to acquire a parcel of land without the