Oklahoma City Oklahoma Option to Purchase Package

• Category: Real Estate - Options
• State: Oklahoma
• City: Oklahoma City
• Control #: OK-P069-PKG
• Format: Word; Rich Text

Description

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:

1. Option to Purchase Addendum to Residential Lease


2. Residential Lease Agreement


3. Option For the Sale and Purchase of Real Estate - Residential Lot or Land


4. Option For the Sale and Purchase of Real Estate - Residential Home


5. Option For the Sale and Purchase of Real Estate - Commercial Lot or Land


6. Option For the Sale and Purchase of Real Estate - Commercial Building


7. Option For the Sale and Purchase of Real Estate - Farm Land


8. Option For the Sale and Purchase of Real Estate - General Form

Detailed information on forms included:

1. 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.


2. 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.


3. 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.


4. 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.


5. 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.


6. 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.


7. 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.


8. 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.

Oklahoma City Option to Purchase Package is a comprehensive set of legal documents and agreements that facilitate the process of buying real estate through an option contract. This package includes all the necessary paperwork and forms needed to exercise an option to purchase a property in Oklahoma City, Oklahoma. The Oklahoma City Option to Purchase Package typically consists of the following documents: 1. Option Agreement: This agreement outlines the terms and conditions of the option, including the purchase price, duration of the option period, and any specific contingencies or conditions. 2. Notice of Exercise: This document is used by the buyer to formally notify the seller of their intent to exercise the option and proceed with the purchase. 3. Option Consideration: This agreement specifies the amount of money paid by the buyer to the seller as consideration for the option to purchase. 4. Purchase Agreement: In some cases, a separate purchase agreement may be included in the package. This document defines the terms of the final sale, including the closing date, financing arrangements, and any additional provisions. 5. Addendums and Disclosures: Depending on the specific property and transaction, the package may also include various addendums and disclosures related to the purchase, such as lead-based paint disclosures or property condition reports. 6. Closing Documents: If the option is exercised and the buyer proceeds with the purchase, the package may also include standard closing documents such as a deed, bill of sale, and affidavit of title. Different types of Oklahoma City Option to Purchase Packages may exist based on the specific property type, such as residential, commercial, or agricultural. Additionally, variations may exist based on the seller's requirements or the complexity of the transaction. Overall, the Oklahoma City Option to Purchase Package provides a comprehensive set of legal documents and agreements to simplify and streamline the process of buying real estate through an option contract in Oklahoma City, Oklahoma.