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 Broken Arrow Oklahoma Option to Purchase Package is a comprehensive legal document that outlines the terms and conditions for a potential buyer to secure the right to purchase a property in Broken Arrow, Oklahoma. This package is specifically designed to protect the interests of both the buyer and seller throughout the option period. One of the key components of the Broken Arrow Oklahoma Option to Purchase Package is the option agreement. This agreement stipulates the specific property address, purchaser's name, and the agreed-upon purchase price for the property. It also includes the duration of the option period, during which the buyer has the exclusive right to exercise the option to purchase. In addition to the option agreement, this package may include other relevant documents such as a lease agreement, disclosure forms, and a purchase agreement. These documents help ensure that all parties are fully informed and protected throughout the option period. There are several types of Broken Arrow Oklahoma Option to Purchase Packages available, depending on the specific needs and circumstances of the buyer and seller. Some common types include: 1. Residential Option to Purchase Package: This package is designed for residential properties, such as single-family homes, condos, or townhouses. It includes clauses specific to residential real estate transactions and may include additional forms such as property condition disclosure statements. 2. Commercial Option to Purchase Package: This package is tailored for commercial properties, such as office buildings, retail spaces, or industrial complexes. It takes into account the unique aspects of commercial real estate transactions and may include specific provisions related to zoning, permits, and tenant agreements. 3. Land Option to Purchase Package: This package is suitable for vacant land or lots in Broken Arrow, Oklahoma. It includes clauses specific to land transactions, such as restrictions, easements, and environmental considerations. Each type of Broken Arrow Oklahoma Option to Purchase Package serves to clarify and protect the rights, obligations, and responsibilities of both the buyer and seller. It is essential to consult with a qualified real estate attorney or professional to ensure the package is tailored to meet the particular needs and objectives of the parties involved.
