An option is a contract to purchase the right for a certain time, by election, to purchase property at a stated price. An option may be a right to purchase property or require another to perform upon agreed-upon terms. By purchasing an option, a person is paying for the opportunity to elect or "exercise" the right for the property to be purchased or the performance of the other party to be required. "Exercise" of an option normally requires notice and payment of the contract price. The option will state when it must be exercised, and if not exercised within that time, it expires. If the option is not exercised, the amount paid for the option is not refundable.
The Arizona Option to Sell Real Property if Option Executed within Certain Period of Time — Continuing Offer is a legal agreement that provides individuals with the opportunity to sell their real property within a specific timeframe. This option is designed to give both the property owner and potential buyers the chance to assess market conditions and make an informed decision. In Arizona, there are various types of options to sell real property if the option is executed within a certain period of time — continuing offer. These options may include: 1. Standard Continuing Offer Option: This type of option allows the property owner to offer their property for sale at a specific price for a predetermined period. Potential buyers have the opportunity to execute the option within the specified timeframe and proceed with the purchase at the agreed-upon terms. 2. Multiple Counteroffers Option: In some cases, the property owner may choose to extend multiple counteroffers to potential buyers. This option allows for negotiation and flexibility in reaching a mutually beneficial agreement between the seller and buyer. 3. Conditional Offer Option: With this type of option, the property owner may set specific conditions that must be met for the sale to proceed. These conditions may range from obtaining financing to the completion of necessary inspections or repairs. 4. Exclusive Option to Sell: This type of option grants the property owner the exclusive right to sell the property within a specific timeframe. It prevents the property owner from entering into negotiations with other potential buyers during this period, providing a level of certainty to the seller. 5. Lease with Option to Buy: This option allows potential buyers to lease the property for a specified duration, with the option to purchase it within a predetermined timeframe. This arrangement is especially beneficial for those who are unsure about committing to a purchase immediately but want the chance to explore the property further. 6. Lease with Right of First Refusal: Similar to the lease with option to buy, this option grants the lessee the right to purchase the property if the owner decides to sell it during the lease period. It provides the lessee with an advantage over other potential buyers. The Arizona Option to Sell Real Property if Option Executed within Certain Period of Time — Continuing Offer offers a flexible and advantageous approach for property owners and potential buyers alike. It allows for careful consideration and negotiation to ensure a fair and mutually beneficial transaction.
