This form is for an option to purchase residential real estate - Residential home. It provides for the payment of option money, sales price, and all terms of the agreement.
Pima Arizona Option For the Sale and Purchase of Real Estate - Residential Home
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Multi-State
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Pima
Control #:
US-00582A
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Word;
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How to fill out Option For The Sale And Purchase Of Real Estate - Residential Home?
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FAQ
An option is a device that allows a buyer to buy an "opportunity" to buy the land itself later. A buyer usually seeks to buy an option when he wants to commit the seller to sell, but before some other event.
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.
Sold STC means that an offer has been made on a property which the seller has accepted. The sale is not yet legally binding though that's where subject to contract comes in. The sale will only be complete once the paperwork and contracts are completed. Some estate agents might use sale agreed instead of sold STC.
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.
The seller typically offers an option to buy a property within a limited period. An option contract in real estate ensures that the buyer has exclusive real estate purchase rights. In addition to exclusivity, the buyer is under no obligation to follow through on the 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.
Essentially, sold subject to contract means that an offer has been made on a property and that the seller has accepted it. So far though, this is just a verbal agreement; the paperwork is not yet complete and no money has yet changed hands.
Why might a property owner offer an option contract to purchase her property? The buyer could lease the property to a third party who could damage it, resulting in a loss of value if the buyer defaults.
A common example of how option contracts work in real estate is in development. If a developer wants to purchase a $3 million building, but can't secure funding for up to one year, then a real estate option contract may allow the developer to obtain exclusivity rights.
The basics: What is an option contract in real estate? In the simplest terms, a real-estate option contract is a uniquely designed agreement that's strictly between the seller and the buyer. In this agreement, a seller offers an option to the buyer to purchase property at a fixed price within a limited time frame.
