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.
Kentucky Provision Setting Out a Purchase Option
Category:
State:
Multi-State
Control #:
US-OL2404
Format:
Word;
PDF
Instant download
Description
How to fill out Provision Setting Out A Purchase Option?
You may commit hours online attempting to find the lawful document web template that suits the state and federal needs you need. US Legal Forms gives a huge number of lawful forms that are evaluated by pros. You can easily down load or print out the Kentucky Provision Setting Out a Purchase Option from my service.
If you already have a US Legal Forms accounts, you may log in and click the Down load key. Afterward, you may comprehensive, modify, print out, or indication the Kentucky Provision Setting Out a Purchase Option. Each and every lawful document web template you purchase is your own property for a long time. To get one more duplicate for any purchased type, check out the My Forms tab and click the related key.
Should you use the US Legal Forms web site the first time, keep to the easy directions listed below:
- Initially, make certain you have chosen the right document web template for the state/town of your liking. See the type explanation to ensure you have chosen the appropriate type. If available, make use of the Preview key to appear with the document web template also.
- If you would like get one more variation of the type, make use of the Lookup field to find the web template that suits you and needs.
- After you have located the web template you would like, just click Buy now to carry on.
- Pick the pricing program you would like, enter your qualifications, and register for an account on US Legal Forms.
- Comprehensive the financial transaction. You can use your Visa or Mastercard or PayPal accounts to purchase the lawful type.
- Pick the formatting of the document and down load it for your product.
- Make adjustments for your document if required. You may comprehensive, modify and indication and print out Kentucky Provision Setting Out a Purchase Option.
Down load and print out a huge number of document layouts making use of the US Legal Forms site, which offers the most important assortment of lawful forms. Use expert and state-certain layouts to deal with your business or personal requires.
Form popularity
FAQ
Both prohibit the landlord from selling the property to anyone else during the lease term and give the tenant the option to purchase at the end. However, that's where the similarities end. The difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell.
In the residential context, an option to purchase is usually a part of a rent-to-own agreement, also called a lease-option. This involves a tenant entering into a standard lease or rental agreement, in addition to acquiring the option to purchase the rental property in the future.
In some transactions, you will sign a sales agreement after exercising the OTP. This contract, too, is binding on both parties and there is usually no way to back out of it. If the seller backs out of the OTP or sales agreement, any option fee or deposit paid by you must be refunded.
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.
When a contract is made, it becomes binding ? the seller must sell and the buyer must buy ing to the agreed-upon terms and price. One a contract for an option to buy has been created, the property cannot be sold to anyone else. When creating a contract, the buyer will often pay a fee to have this option.
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. The buyer pays for the option to make this real estate purchase.
An option-to-purchase contract must conspicuously state the duration of the option period. There is no correct or preferred unit of time and option periods can range from months to years. Typically, however, in the residential context, option periods range from one-to-five years.
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.
