This form is an option to purchase real estate. The buyer assumes all liability for damages to the property and/or persons caused by activities by the buyer or its agents under and this obligation shall survive any termination or rescinding of the agreement.
South Dakota Option to Purchase Real Estate - Long Form
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FAQ
What Is An Option To Purchase? An option to purchase agreement gives a home buyer the exclusive right to purchase a property within a specified time period and for a fixed or sometimes variable price. This, in turn, prevents sellers from providing other parties with offers or selling to them within this time period.
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.
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 Letter of Intent is a document that outlines the general terms and conditions of an agreement between parties before the agreement is finalized. In real estate deals, a Letter of Intent are typical before entering large leases or an agreement to buy or sell commercial real estate.
A purchase option is a right to purchase or lease land or other property interests without any obligation to do so.
The standard range by which most sellers follow is between one and five years. Buyers have the opportunity to purchase the real estate asset at any point during the option period. However, if the period expires, the agreement terminates, and the buyer loses option fees paid to the seller.
Subparagraph E states that the balance of the purchase price (which must be filled in) will be deposited in escrow prior to closing. Subparagraph F shows the total purchase price.
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.