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 Chicago Illinois Option to Purchase Package is a legal document that outlines an agreement between a property owner or seller and a potential buyer. It provides the buyer with the exclusive right to purchase a property at a specified price within a specified time frame. This option allows the buyer to secure the property, while they arrange financing or complete due diligence. The package typically contains all the necessary components to facilitate the option agreement, including the key terms and conditions, the purchase price, and any additional provisions specific to Chicago, Illinois. It outlines the agreed-upon terms between the parties, such as the duration of the option period and any potential contingencies or restrictions. There may be different types of Chicago Illinois Option to Purchase Packages, depending on the nature of the property or the specific requirements of the parties involved. Some common variations include residential option agreements, commercial property option agreements, or even land option agreements. Each variation may have its specific provisions and conditions tailored to the respective property type. Residential option agreements within the Chicago Illinois Option to Purchase Package are specifically designed for residential real estate transactions. They encompass houses, condominiums, townhouses, or apartments. These agreements may include clauses related to property inspections, financing terms, or buyer's rights and responsibilities during the option period. Commercial property option agreements are designated for commercial real estate transactions in Chicago, Illinois. These agreements may incorporate additional provisions specific to the commercial sector, such as zoning restrictions, tenant rights, or environmental assessments. Land option agreements focus on the purchase of vacant land or undeveloped parcels within the Chicago area. These agreements may address land use regulations, rights of access, or entitlements required for future development. Overall, the Chicago Illinois Option to Purchase Package caters to a diverse range of real estate transactions in the city. It provides a standardized and legally binding framework that protects the interests of both buyers and sellers, while allowing flexibility to accommodate specific property types and transaction requirements.
