Oklahoma Notice to Lessor from Lessee Exercising Option to Purchase

• Category: Landlord Tenant - Purchase Options
• State: Multi-State
• Control #: US-02407BG
• Format: Word; PDF; Rich Text

Description

An option is a contract to purchase the right for a certain time, by election, to purchase property at a stated price. An option may be a right to purchase property or require another to perform upon agreed-upon terms. By purchasing an option, a person is paying for the opportunity to elect or "exercise" the right for the property to be purchased or the performance of the other party to be required. "Exercise" of an option normally requires notice and payment of the contract price. The option will state when it must be exercised, and if not exercised within that time, it expires. If the option is not exercised, the amount paid for the option is not refundable. An option is a contract to purchase the right for a certain time, by election, to purchase property at a stated price. An option may be a right to purchase property or require another to perform upon agreed-upon terms. By purchasing an option, a person is paying for the opportunity to elect or "exercise" the right for the property to be purchased or the performance of the other party to be required. "Exercise" of an option normally requires notice and payment of the contract price. The option will state when it must be exercised, and if not exercised within that time, it expires. If the option is not exercised, the amount paid for the option is not refundable. A "lease-option" contract provides for a lease of property with the right to purchase the property during or upon expiration of the lease.

A "Notice to Lessor from Lessee Exercising Option to Purchase" is a legal document used in Oklahoma when a lessee (tenant) wishes to exercise their option to purchase the property they are currently leasing from the lessor (landlord). This notice is crucial to initiate the process of purchasing the property per the terms outlined in the lease agreement. The content of this notice should be clear, concise, and should include the following key elements: 1. Identification of the Parties: The notice should clearly state the names and addresses of both the lessee and the lessor, along with any additional relevant contact information. 2. Lease Agreement Details: It is important to mention the specific lease agreement being referred to, including the lease start and end dates, the property address, and any relevant lease amendments or addendums. 3. Intent to Exercise Option: The lessee should clearly state their intent to exercise the option to purchase the property as outlined in the lease agreement. This demonstrates the lessee's commitment to proceed with the purchase. 4. Purchase Terms: The notice should outline the terms and conditions for the purchase, including the purchase price, any relevant financing arrangements, down payment amount, and the proposed closing date. 5. Timeframe for Response: It is essential to provide the lessor with a reasonable timeframe within which they must respond to the notice. This timeframe can typically range from 30 to 60 days, but it should be clearly stated. Different types of Oklahoma Notice to Lessor from Lessee Exercising Option to Purchase may include variations based on specific lease agreement provisions or additional clauses that both parties have agreed upon. These variations may include: — Option Exercise Fee: Some lease agreements require a non-refundable fee from the lessee upon exercising the option to purchase the property. This fee is often credited towards the purchase price. — Inspection and Due Diligence: If the lessee intends to conduct inspections or due diligence on the property before completing the purchase, this should be mentioned in the notice along with the intended timeframe. — Right of First Refusal: In certain cases, the lessee may have a right of first refusal, which grants them the right to purchase the property before the lessor considers other offers. This provision may require specific language in the notice or separate documentation. — Contingencies: The notice may include contingencies, such as the lessee's ability to secure financing or the satisfactory resolution of any outstanding property-related issues before the purchase can be finalized. It is crucial to consult with a legal professional or a qualified real estate attorney to ensure that the content of the Notice to Lessor from Lessee Exercising Option to Purchase complies with local laws, lease agreement provisions, and any additional requirements specific to the state of Oklahoma.