With this Option to Purchase Package, you will find the forms that are necessary to exercise a right to purchase property or require another to perform upon agreed-upon terms. In an option agreement, a party purchases the right for a certain time, by election, to purchase property at a stated price.
Included in your package are the following forms:
- Option to Purchase Addendum to Residential Lease
- Residential Lease Agreement
- Option For the Sale and Purchase of Real Estate - Residential Lot or Land
- Option For the Sale and Purchase of Real Estate - Residential Home
- Option For the Sale and Purchase of Real Estate - Commercial Lot or Land
- Option For the Sale and Purchase of Real Estate - Commercial Building
- Option For the Sale and Purchase of Real Estate - Farm Land
- Option For the Sale and Purchase of Real Estate - General Form
Detailed information on forms included:
- Option to Purchase Addendum to Residential Lease - This Option to Purchase Addendum to Residential and Lease Agreement is entered into by and between the lessor and the lessee. The lessor agrees not to offer the residence for sale to anyone during the term of the lease, and to give the lessee (tenant) the option to purchase the residence at any time prior to the expiration of the lease, provided the lessee gives notice of intent to purchase in accordance with the provisions of the Addendum. At that point, a separate contract of sale will be executed and the sale will proceed as any sale would.
- Residential Lease Agreement and Option to Purchase - This Residential Lease Agreement and Option to Purchase is entered into by and between the lessor and the lessee. This agreement provides that the lessor will rent to the lessee a personal residence located at the address listed in the agreement. The lessee is responsible for paying rent on a monthly basis and the premises must be used as a private dwelling and for no other purpose.
- Option For the Sale and Purchase of Real Estate - Residential Lot or Land - This form is for an option to purchase a residential real estate lot or tract of land. It provides for the payment of option money and the procedures for exercise of the option.
- Option For the Sale and Purchase of Real Estate - Residential Home - This form is for an option to purchase a residential home. It provides for the payment of option money, sales price, and all terms of the agreement.
- Option For the Sale and Purchase of Real Estate - Commercial Lot or Land - This form is for an option to purchase a commercial lot or land. It contains provisions for the payment of option money and other terms of the transaction.
- Option For the Sale and Purchase of Real Estate - Commercial Building - This form provides a buyer with an exclusive and irrevocable option to purchase residential real estate, specifically a commercial building.
- Option For the Sale and Purchase of Real Estate - Farm Land - This form is for an option to purchase farm land and includes all terms of the transaction.
- Option For the Sale and Purchase of Real Estate - General Form - This form is adaptable for general use as an agreement to purchase an option on real estate. Provisions for all relevant details are included to be adapted for use in a particular transaction.
The Mesa Arizona Option to Purchase Package is a comprehensive assortment of legal documents and forms that facilitate the process of buying property in Mesa, Arizona. Designed to protect the interests of both the buyer and the seller, this package includes various contracts, agreements, and disclosures required for initiating an “option to purchase” transaction. The Mesa Arizona Option to Purchase Package comprises different types of documents, each serving a specific purpose in the real estate transaction process. Key components of this package may include: 1. Option Agreement: The Option Agreement is the core document in this package. It establishes a legal framework wherein the property owner grants the potential buyer the right to purchase the property within a specified timeframe and at a predetermined price. This agreement outlines the terms and conditions, including any contingencies, upon which the option can be exercised. 2. Offer to Purchase: This document outlines the terms of the prospective buyer's offer to purchase the property. It includes details about the purchase price, down payment, financing contingencies, closing date, and other relevant terms. 3. Disclosure Forms: Mesa, Arizona, like many other cities, requires sellers to disclose specific information regarding the property. These forms may include the Seller Property Disclosure Statement, which outlines any known defects or issues with the property, and the Lead-Based Paint Disclosure, if the property was built prior to 1978. 4. Addendums and Amendments: Depending on the situation, additional addendums or amendments may be included to address specific conditions or contingencies. These could include appraisal contingencies, inspection contingencies, or financing contingencies, among others. 5. Earnest Money Agreement: This document formalizes the buyer's deposit, also known as earnest money, to demonstrate the buyer's serious intent to proceed with the purchase. The Mesa Arizona Option to Purchase Package ensures that both buyers and sellers are protected throughout the transaction process. It minimizes the potential for misunderstandings and disputes by clearly outlining the rights, responsibilities, and obligations of both parties. In summary, the Mesa Arizona Option to Purchase Package is a comprehensive collection of legal documents and forms necessary for executing a property option to purchase in Mesa, Arizona. It encompasses various agreements, disclosures, and addendums, all tailored to facilitate a smooth and transparent real estate transaction process.
