With this Option to Purchase Package, you will find the forms that are necessary to exercise a right to purchase property or require another to perform upon agreed-upon terms. In an option agreement, a party purchases the right for a certain time, by election, to purchase property at a stated price.
Included in your package are the following forms:
- Option to Purchase Addendum to Residential Lease
- Residential Lease Agreement
- Option For the Sale and Purchase of Real Estate - Residential Lot or Land
- Option For the Sale and Purchase of Real Estate - Residential Home
- Option For the Sale and Purchase of Real Estate - Commercial Lot or Land
- Option For the Sale and Purchase of Real Estate - Commercial Building
- Option For the Sale and Purchase of Real Estate - Farm Land
- Option For the Sale and Purchase of Real Estate - General Form
Detailed information on forms included:
- Option to Purchase Addendum to Residential Lease - This Option to Purchase Addendum to Residential and Lease Agreement is entered into by and between the lessor and the lessee. The lessor agrees not to offer the residence for sale to anyone during the term of the lease, and to give the lessee (tenant) the option to purchase the residence at any time prior to the expiration of the lease, provided the lessee gives notice of intent to purchase in accordance with the provisions of the Addendum. At that point, a separate contract of sale will be executed and the sale will proceed as any sale would.
- Residential Lease Agreement and Option to Purchase - This Residential Lease Agreement and Option to Purchase is entered into by and between the lessor and the lessee. This agreement provides that the lessor will rent to the lessee a personal residence located at the address listed in the agreement. The lessee is responsible for paying rent on a monthly basis and the premises must be used as a private dwelling and for no other purpose.
- Option For the Sale and Purchase of Real Estate - Residential Lot or Land - This form is for an option to purchase a residential real estate lot or tract of land. It provides for the payment of option money and the procedures for exercise of the option.
- Option For the Sale and Purchase of Real Estate - Residential Home - This form is for an option to purchase a residential home. It provides for the payment of option money, sales price, and all terms of the agreement.
- Option For the Sale and Purchase of Real Estate - Commercial Lot or Land - This form is for an option to purchase a commercial lot or land. It contains provisions for the payment of option money and other terms of the transaction.
- Option For the Sale and Purchase of Real Estate - Commercial Building - This form provides a buyer with an exclusive and irrevocable option to purchase residential real estate, specifically a commercial building.
- Option For the Sale and Purchase of Real Estate - Farm Land - This form is for an option to purchase farm land and includes all terms of the transaction.
- Option For the Sale and Purchase of Real Estate - General Form - This form is adaptable for general use as an agreement to purchase an option on real estate. Provisions for all relevant details are included to be adapted for use in a particular transaction.
Cary, North Carolina Option to Purchase Package: A Comprehensive Overview The Cary, North Carolina Option to Purchase Package is a set of legal documents and agreements that grant potential homebuyers the opportunity to secure a property for purchase at a predetermined price. This package includes various components, such as contracts, disclosures, and addendums, all designed to protect the interests of both the buyer and seller throughout the option period. The main purpose of this package is to establish an option agreement between the buyer and the seller, giving the buyer the exclusive right to purchase the property within a specific timeframe. During this period, the buyer has the opportunity to conduct thorough due diligence, including inspections, appraisals, and securing financing, before fully committing to the purchase. Keyword: Option Period Within the Cary, North Carolina Option to Purchase Package, there may be different types of agreements based on the buyer's specific needs and circumstances: 1. Standard Option to Purchase Agreement: This is the most common type of option agreement found in the package. It outlines the key terms and conditions, including the purchase price, option fee, option period duration, and any contingencies or conditions necessary for exercising the option. Keyword: Option Fee 2. Lease with Option to Purchase Agreement: This agreement combines a lease agreement with the option to purchase. It allows tenants to rent a property for a designated period, with the added benefit of having the exclusive right to buy the property during or at the end of the lease term. Keywords: Lease Agreement, Tenant, Rent, Lease Term 3. Seller Financing Option Agreement: In cases where the buyer may have difficulty securing traditional financing, the option package may include a seller financing option agreement. This agreement sets forth the terms under which the seller agrees to provide financing to the buyer, eliminating the need for a bank or mortgage lender. Keywords: Financing, Seller Financing, Mortgage 4. Assumable Option Agreement: An assumable option agreement allows the buyer to take over an existing option agreement from the original buyer. This can occur when the original buyer is unable or unwilling to fulfill the terms of the agreement, presenting an opportunity for a new buyer to step in and assume their position. Keywords: Assumable Agreement, Original Buyer, New Buyer By offering various types of option agreements, the Cary, North Carolina Option to Purchase Package provides flexibility to both buyers and sellers, allowing them to tailor the terms of the agreement to their unique circumstances and preferences. It is crucial for all parties involved to carefully review and understand the contents of the package before entering into any legally binding agreement.
