The buyer may then either exercise his or her right under the contract by completing the property purchase or sell the option to someone else to exercise, ie: Sell them the right to buy the property.
If the option holder exercises their right under the contract, the seller is obliged to complete the sale under the predetermined conditions.
An Option represents an equitable interest in the property and is often used to gain control over a property, without paying the full price. The cost to the Buyer/Option holder is the cost of the option. As mentioned before, this cost is non-refundable whether the transaction proceeds or not.
This Real Estate Option Agreement has been professionally drafted and formatted for your convenience using Microsoft Word, it can be downloaded immediately as an MS Word. You can use this template time after time, simply insert the correct information in the appropriate fields and tab to the next field. Now print your professional agreement!
The document defines rights, and responsibilities of each party and clearly spells out specific conditions that apply to the transaction. This means it protects the interests of those involved by putting in writing what is expected of each party.
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