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In this agreement, a seller offers an option to the buyer to purchase property at a fixed price within a limited time frame. In other words, this option is a specific contract on a distinct piece of real estate that gives a buyer the exclusive right to purchase that specific property.
A fixed price purchase option is the right to buy a leased item at the end of a lease term at a pre-determined price. The fixed price purchase option's purchase price and conditions are established when the lease terms are agreed upon.
Sometimes referred to as a right of first opportunity or first right to purchase, this provision requires the owner to give the holder the first chance to buy a property after the owner decides to sell. Unlike the option to purchase, the holder cannot force the owner to sell. Right of First Refusal.
Purchase Option Price means an amount equal to the amount required to defease or otherwise discharge the Bonds under the Trust Agreement plus the amount of any Additional Payments which are due or accrued hereunder at the time which any purchase option hereunder is exercised.
Written contractsUnder English law, option to purchase agreements must be in writing in order to be binding, as they are conditional contracts for the sale of land. Pre-emption agreements do not need to be in writing, although it is wise to do so.
A purchase option is a right to purchase or lease land or other property interests without any obligation to do so.
The fundamental difference between an Option and a Right of First Refusal is that an Option to Buy can be exercised at any time during the option period by the buyer. With a Right of First Refusal, the right of the potential buyer to complete the transaction is triggered only if the seller wants to complete a sale.
Early Purchase Option means the State's option to purchase all of Lessor's right, title and interest in and to, all Equipment leased under any Lease, or any lesser portion thereof specified by the State, as provided in Section 12.
A purchase option is a right to purchase or lease land or other property interests without any obligation to do so.