This office lease provision states that at the end of the fifth (5th) year of the lease, the tenant shall have an option to purchase the building in which the premises is located at fair market value.
Colorado Provision Setting Out a Purchase Option
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Multi-State
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US-OL2404
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How to fill out Provision Setting Out A Purchase Option?
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FAQ
Option to Purchase. This provision grants the holder the right to purchase an indicated property during the term of the option without respect to the owner's desire to sell.
A real estate purchase option is a contract on a specific piece of real estate that allows the buyer the exclusive right to purchase the property. Once a buyer has an option to buy a property, the seller cannot sell the property to anyone else.
Exercising the option means that the buyer has legally agreed to purchase the property and cannot pull out of the property transaction. Therefore, you should only exercise the OTP when you are 100% sure about buying the property and that you qualify for a bank or HDB loan for it.
Exercise of option: A bilateral contract, where the seller is expected to sell the property at a fixed rate while the buyer is expected to purchase the property within a certain timeframe.
What is an "option to purchase" agreement? An option to purchase is an agreement that gives a potential buyer (?optionee?) the right, but not the obligation, to buy property in the future. The optionee must decide by a certain time whether to ?exercise? the option and thereafter by bound under the contract to purchase.
Exercising an Option to Purchase occurs when someone decides to move forward with buying the property, goes ahead and signs the acceptance and pays the balance deposit, as detailed below.
Option Contracts in Real Estate The contract must be in writing. The contract must specify the location, such as the lot and block, subdivision, city, and state. The agreed-upon time frame of the contract must grant the buyer's right to purchase. The buyer and the seller must agree upon the purchase price.
Once this option is in motion, the seller of the property can't offer the property to anyone else until the agreed-upon time frame is up. Even though the buyer has the option to purchase the property, under an option contract, they're by no means obligated to do so.
