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An Option to Purchase agreement is a legal contract signed between a buyer and a seller of a residential property, and basically gives the buyer the exclusive rights to purchase a property from the seller in the future.

A memorandum of agreement is a proposed transaction summary that is circulated to lawyers and brokers representing both the buyer and the seller after an accepted offer has been negotiated.

A lease-option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.

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.

How long does an option last? An option typically lasts 24 months but the timeframe to exercise is completely negotiable at the agreement stage.

Memorandum of Agreement (MOA): An MOA is a document written between parties to cooperatively work together on an agreed upon project or meet an agreed upon objective. The purpose of an MOA is to have a written formal understanding of the agreement between parties.

An option agreement is a legally binding contract between two entities outlining each counterparty's responsibilities to the other.

An option to purchase agreement therefore gives the buyer rights over the land, and will also bind a future owner of the land too.Pre-emption rights in regard to registered land take effect at the time of their creation however, and can therefore be binding on subsequent owners.

Oregon Memorandum of Option to Buy

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