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.
Missouri Provision Setting Out a Purchase Option
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State:
Multi-State
Control #:
US-OL2404
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Word;
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How to fill out Provision Setting Out A Purchase Option?
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FAQ
Redeeming the Property Under Missouri law, if the foreclosing lender buys the property at the foreclosure sale, you get one year to redeem the home following the sale. If a third party buys the home at the sale, you don't get a right to redeem.
A verbal agreement is just as legally enforceable as a written one. However, you will strike problems in proving the terms of the agreement. So, it will come down to a matter of evidence.
YOU MAY CANCEL THIS CONTRACT, WITHOUT ANY PENALTY OR OBLIGATION, WITHIN THREE DAYS AFTER THE DATE THE CONTRACT IS SIGNED. IF YOU CANCEL, ANY PAYMENT MADE BY YOU UNDER THIS CONTRACT WILL BE RETURNED WITHIN TEN DAYS AFTER THE DATE OF RECEIPT BY THE SELLER OF YOUR CANCELLATION NOTICE.
Generally, a verbal contract is binding in Missouri. However, there are certain circumstances in Missouri when a verbal contract is not enforceable. Those circumstances are described in Missouri's ?statute of frauds?.
For a contract to be legally enforceable, there must be an offer to enter into the contract, an acceptance of the same offer, and an exchange of ?consideration.? These three ?elements? are required for a legally enforceable contract to be created.
In Missouri, oral contracts are enforceable in much the same way as written contracts. Generally speaking, if you and another party agree to the terms of a deal and those terms are definite, a court will enforce those terms. There are, of course, exceptions to every rule.
What is required for the creation of a legally enforceable contract? For a contract to be legally enforceable, there must be an offer to enter into the contract, an acceptance of the same offer, and an exchange of ?consideration.? These three ?elements? are required for a legally enforceable contract to be created.
Verbal contracts, sometimes called handshake agreements, are legally binding, with a small number of exceptions. Just because oral agreements are difficult to prove, it is advisable for all parties to sign a written document and seek professional legal advice.
