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.
Massachusetts 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
The purchase contract is typically prepared and written by a real estate agent, not a buyer or a seller.
Many of the basic contracts, in Massachusetts, are written relatively the same when it comes to purchasing a home. There are typically two standard contingencies in the contracts where buyers can withdraw from a contract and if done in a timely manner and properly they will receive all deposit monies back.
Most often, the buyer's real estate agent will write up and prepare the purchase agreement for a house. Note that agents (not being practicing attorneys themselves) can't create their own contracts.
A description of the property; The agreed-upon sales price, which is usually made in the offer to purchase; The amount of earnest money given by the buyer and the down payment; Date, time, and place of the closing; and.
Who Signs The Purchase And Sale Agreement First? It depends on who sends the agreed-upon offer. Typically, the buyer starts by sending a signed PSA to the seller. If the seller accepts the terms, they will sign it.
In fact, an option to purchase constitutes a unilateral promise to contract by which the landlord binds itself to sell its building to the tenant, who is the beneficiary of the promise. If the tenant decides to exercise its option, the parties are then obligated to complete the sale of the building.
After you have an accepted offer A purchase & sale agreement (P&S) is a legal document prepared and agreed to by attorneys representing both the buyer and seller in the home purchase transaction. The P&S is signed by both the buyer and seller, and will include final sale price and all terms of the purchase.
