Oregon Option For the Sale and Purchase of Real Estate — Commercial Building is a legally binding agreement that offers flexibility to both the buyer and the seller of commercial properties in Oregon. This option allows interested parties to negotiate the terms and conditions of a potential sale before making a final commitment. In Oregon, there are two primary types of options available for the sale and purchase of commercial buildings: 1. Call Option: The call option gives the buyer the right but not the obligation to purchase the commercial property within a specified time frame. This option is ideal for buyers who want to secure a property at a predetermined price while conducting due diligence and securing financing. 2. Put Option: On the other hand, the put option grants the seller the right but not the obligation to sell the commercial building to the buyer within a specified time period. This type of option is beneficial for sellers who want to assess market conditions and secure a potential buyer while ensuring a minimum sale price. Regardless of the type of option chosen, the Oregon Option For the Sale and Purchase of Real Estate — Commercial Building typically includes the following key elements: 1. Option Agreement: This document outlines the terms and conditions of the option, including the price, duration, and any specific contingencies. 2. Purchase and Sale Agreement: If the buyer decides to exercise the option, a separate purchase and sale agreement is entered into to finalize the transaction. This agreement typically incorporates the terms outlined in the option agreement. 3. Consideration: Both parties usually provide consideration to make the option agreement legally binding. This can be in the form of a non-refundable deposit or an agreed-upon sum of money. 4. Due Diligence Period: The option agreement often includes a due diligence period, during which the buyer has the opportunity to inspect the property, evaluate its financial potential, and perform other necessary investigations. 5. Financing Contingency: Buyers may include a financing contingency, allowing them to secure necessary funds before exercising the option. 6. Termination Clauses: The option agreement may specify conditions under which either party can terminate the agreement, such as a failure to fulfill obligations or a change in circumstances. In summary, the Oregon Option For the Sale and Purchase of Real Estate — Commercial Building is a flexible and efficient approach for buyers and sellers to navigate commercial property transactions in Oregon. By providing a framework for negotiation and due diligence, this option enables parties to make informed decisions before committing to a final sale.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.