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 Phoenix Arizona Option to Purchase Package is a comprehensive set of legal documents and contracts that facilitates a real estate transaction in Phoenix, Arizona. It provides individuals and entities with the option to purchase a property within a specified period of time at a predetermined price and terms. This package is designed to be flexible and customizable to meet the specific needs of buyers and sellers in the Phoenix, Arizona real estate market. It includes various forms, agreements, and disclosures that protect the interests of both parties involved in the option to purchase transaction. The Phoenix Arizona Option to Purchase Package typically consists of the following key documents: 1. Option Agreement: This is the central document that outlines the terms of the option, including the purchase price, option period, and any conditions or contingencies. 2. Purchase Agreement: If the buyer decides to exercise the option, this agreement is used to finalize the sale. It includes details such as the closing date, financing arrangements, and any additional terms negotiated between the parties. 3. Disclosure Documents: These include mandatory disclosures required by law in Phoenix, Arizona. Examples of such disclosures may include lead-based paint hazards, seller property disclosures, and others. 4. Addenda: Additional documents can be included to address specific contingencies or terms unique to the transaction. These may cover issues like property inspection, financing contingencies, or contingencies related to property-use restrictions. 5. Earnest Money Agreement: This document outlines the amount of earnest money that the buyer must deposit as a sign of good faith. It explains how this money will be handled during the transaction and in the event of a failed transaction. It is important to note that there may be different types or variations of the Phoenix Arizona Option to Purchase Package, depending on the specific requirements and preferences of the parties involved. For instance, variations may include lease-option agreements (combining a lease and an option to purchase), or agreements tailored to commercial real estate transactions. Each type serves a different purpose within the broader context of option to purchase transactions in Phoenix, Arizona.
