Kansas Notice to Lessor of Decision not to Exercise Option to Purchase
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How to fill out Notice To Lessor Of Decision Not To Exercise Option To Purchase?
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FAQ
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.
Definition. An agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
When the tenant exercises the option, he/she immediately acquires an interest in the property. However, the lease stays in effect until the purchase agreement is signed.
In order to be contractually enforceable, the option to purchase must be given in exchange for consideration, or value. While the value of an option contract cannot be nominal, there is no special floor or ceiling; it's a matter of negotiation between landlord and tenant.
Now, as with any contract, consideration, or an exchange of something of value, is necessary for the contract to be enforceable. This means that the buyer must give the seller a deposit, or a small amount of money, to secure the sale. Sometimes this is called earnest money.
It is non-binding. An option contract is an enforceable contract and is legally binding. In a real estate transaction, an option contract benefits the buyer. The seller is obligated to the contract to sell once the offer to sell is made.
An option contract has two elements: 1) the underlying contract which is not binding until accepted; and 2) the agreement to hold open to the optionee the opportunity to accept. In addition, an option contract requires consideration.
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.
Generally, an option agreement will last from 3-5 years, however this is dependent on whether both the buyer and seller agree on a different timespan. Some agreements include the right to extend the time frame, buyers can do so by paying an additional fee to the seller.
An option agreement is binding only on the seller - because the option holder may choose not to exercise it. If the holder does not exercise it by the last date for exercise, it lapses and is dead.
