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Illinois Option to Purchase Package

Category:
Real Estate - Options
State:
Illinois
Control #:
IL-P069-PKG
Format:
Word; 
Rich Text
Instant download
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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

The primary difference is that an option contract entitles the buyer to the option to purchase the items at a later time, whereas a firm offer gives the buyer the right to buy the items outright at any time.

Typically, the seller grants the buyer an option to purchase the property based on the terms and conditions in the Option to Purchase, in return of a sum of money from the buyer called the Option Fee. The Option Fee is typically 1% of the sale price of the property, but is negotiable between parties.

The strike price of $70 means that the stock price must rise above $70 before the call option is worth anything; furthermore, because the contract is $3.15 per share, the break-even price would be $73.15.

Sell one out-of-the-money put option for every 100 shares of stock you'd like to own. Wait for the stock price to decrease to the put options' strike price. If the options are assigned by the options exchange, buy the underlying shares at the strike price.

A lease-option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.

The Basic Structure of a Lease Purchase In a lease purchase contract, the buyer and seller agree to a lease period followed by sale of the property when the lease ends. This type of agreement combines both a lease and a purchase with the tenant/purchaser securing the option to purchase the house.

Lease-option contracts give you the right to buy the home when the lease expires, while lease-purchase contracts require you to buy it. You pay rent throughout the lease, and in some cases, a percentage of the payment is applied to the purchase price.

A lease purchase agreement in real estate is a rent-to-own contract between a tenant and a landlord for the former to purchase the property at a later point in time. The renter pays the seller an option fee at an agreed-upon purchase price, giving them exclusive rights to buy the property.

How long does an option last? An option typically lasts 24 months but the timeframe to exercise is completely negotiable at the agreement stage.

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