Helping to establish an option to purchase real estate between a future buyer and seller.

May be used to make a legal agreement and establish conditions that give one party the right to purchase a real estate property at a later date.

When you want to extend the option to purchase real estate to a potential buyer, this form establishes legal conditions that formalize your intentions and document the necessary interim steps.

TWO-PAGE FORM ALLOWS YOU TO:

• invite a potential buyer to purchase a real estate property
• set a time frame for the transaction and extend the option period
• state terms of the option
• reassure buyer of insurance coverage
• define what personal property is included
• notify optionee of escrow documents
• specify terms of purchase
• explain any liens and encumbrances
• limit option to specific party and prohibit assignment
• establish a notarized binding agreement
• keep a record of all contract provisions
• communicate in a clear, concise language
• have a standard form for multiple occurrences
• ensure consistent treatment of optionees

TERMS AND CONDITIONS COVERED:

• property identification
• terms of the option
• interim insurance
• option period and extensions
• escrow of closing documents
• possible liens on property
• attorney’s fees, court costs and expenses

Contents reviewed and approved by attorneys or industry experts