California Option Agreement For Land Purchase

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 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

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California Option Agreement For Land Purchase