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.
The Gresham Oregon Option to Purchase Package is a comprehensive set of documents and agreements that are specifically designed to facilitate the process of buying a property through the option to purchase method in Gresham, Oregon. This package provides individuals with the opportunity to secure their interest in a property without committing to an immediate purchase, allowing them to thoroughly assess the property before making a final decision. The Gresham Oregon Option to Purchase Package typically includes the following key documents: 1. Option Agreement: This legally binding contract establishes the terms and conditions of the option, including the purchase price, option fee, expiration date, and any additional terms negotiated between the buyer and the seller. 2. Property Disclosure Statement: This document provides a comprehensive overview of the property's physical condition, including any known defects or issues that may affect the buyer's decision to exercise the option. 3. Addendum: The addendum includes any additional terms or conditions that both the buyer and seller agree to add to the option agreement, such as a repair contingency or any special provisions related to the property or transaction. 4. Inspection Contingency Addendum: This addendum allows the buyer to conduct a professional property inspection during the option period, with the option to renegotiate or withdraw from the agreement if significant issues are discovered. 5. Financing Contingency Addendum: This addendum specifies that the buyer's ability to secure financing within a specified period is a condition for exercising the option and completing the purchase. 6. Purchase and Sale Agreement: If the buyer decides to exercise the option, this agreement outlines the terms and conditions of the final sale, including the purchase price, earnest money deposit, closing date, and any other relevant provisions. It is important to note that different types of Gresham Oregon Option to Purchase Packages may exist, tailored to specific property types or buyer requirements. For example, there might be different packages for residential properties, commercial properties, or vacant land. Each package may contain additional documents relevant to the specific property type, such as zoning information, survey reports, or environmental disclosures. In conclusion, the Gresham Oregon Option to Purchase Package provides a comprehensive set of documents and agreements necessary to facilitate the option to purchase process in Gresham, Oregon. It offers individuals the flexibility to thoroughly evaluate a property before committing to a final purchase, while ensuring all legal and financial aspects of the transaction are properly addressed.
