Exclusive Option Agreement For Easement
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How to fill out Exclusive Option Agreement?
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FAQ
An option to purchase real estate gives the holder an equitable interest in the property. Options to purchase real property give the holder equitable interest in the property and the right to essentially force the property owner to sell at any time during the term of the contract.
Option agreements are governed by contract law. They are legally enforceable as long as they follow the requirements for a valid contract. Contract laws vary by state and by subject matter of the contract.
Recording: The Easement must be recorded in the Office of the County Recorder of the county in which the Land is located. Copies: Copies of the fully executed recorded Easement should be provided to the campus real estate office and to RESS.
If the buyer agrees to the terms within the designated time period, then a binding contract is created for the deal. The option expires at the end of the period stated in the contract, regardless of whether the buyer exercises the option.
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.