Option Agreement Real Estate Mn Form

State:
Minnesota
Control #:
MN-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:


  1. Option to Purchase Addendum to Residential Lease

  2. Residential Lease Agreement

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

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

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

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

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

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


Detailed information on forms included:


  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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

What are two examples? A common example of how option contracts work in real estate is in development. If a developer wants to purchase a $3 million building, but can't secure funding for up to one year, then a real estate option contract may allow the developer to obtain exclusivity rights.

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.

The basics: What is an option contract in real estate? In the simplest terms, a real-estate option contract is a uniquely designed agreement that's strictly between the seller and the buyer. In this agreement, a seller offers an option to the buyer to purchase property at a fixed price within a limited time frame.

Option Contract ExampleYou expect Company XYZ's stock price to go up to $90 within the next month. You find out that you can buy an option contract for this company at $4.50 with a strike price of $75 per share. That means you'll pay $450 for your options contract ($4.50 x 100 shares).

Step 4: Write An Offer LetterThe address of the home you want to buy.Your name and the name of anyone else who will be on the title with you, such as a spouse.The amount of money you want to offer for the home.Any contingencies the home needs to meet before the sale goes through, such as a successful inspection.More items...?

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Option Agreement Real Estate Mn Form