Florida Director Option Agreement
Description
How to fill out Director Option Agreement?
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FAQ
An option contract in real estate is a form of agreement between the buyer and the seller ? outlining the price of the property that the seller actively agrees to, so long as the buyer purchases the property in the set timeframe.
The contract must be in writing. The contract must specify the location, such as the lot and block, subdivision, city, and state. The agreed-upon time frame of the contract must grant the buyer's right to purchase. The buyer and the seller must agree upon the purchase price.
An option contract is a promise to keep an offer open for another party to accept within a period of time. With an option contract, the offeror is not permitted to revoke the offer within the stated period of time. Most option contracts require consideration and other contract formalities in order to be enforceable.
These four elements - a contract in writing, the property location, a timeframe, and a final purchase price - are the key elements that make up an option in real estate. Without all four of these elements, a real estate option contract is generally not considered valid.
A real estate purchase option can be great for buyers. For example, if you want to buy a lot of land to build a new home, a purchase option can be used to keep the lot available for a certain amount of time, until you have funding. The landowner cannot sell the plot to anybody else during the term of the option.
Any such option contract shall state that the final purchase price is subject to approval by the board of trustees or, if applicable, the Secretary of Environmental Protection, and that the final purchase price may not exceed the maximum offer allowed by law.
An option contract has two elements: 1) the underlying contract which is not binding until accepted; and 2) the agreement to hold open to the optionee the opportunity to accept. In addition, an option contract requires consideration.
The payment should be non-refundable, even if the Purchaser decides not to buy the Property. Although sellers often require substantial payments to compensate them for tying up their property for a period of time, a hundred dollars is sufficient consideration to cause an option to be legally enforceable.