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Description option property contract
An option contract is a contract that gives the right to one party to enter into a second contract with the other party at a later date. One of the most common forms of option contracts deals with the sale of real estate. In this contract, the prospective buyer will be granted an option to purchase the property within a specified period of time. The prospective buyer will pay the seller a sum of money since the seller is, in effect, taking the property off the market during the option period. If the prospective buyer exercises his option during that time, a second contract is entered into regarding the sale of the property. If the option period expires, then neither party has any obligation to the other.
- View Notice to Lessor of Lessee's Intention not to Renew Lease Where Lease Provides for Automatic Renewal in Absence of Contrary Notice
- View Tenant's Intent to Accept Lifetime Lease
- View Notice to Lessor of Lessee's Intention not to Renew Lease
- View Terms Sheet for Commercial Lease Agreement
- View Assignment of Lease from Tenant
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