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 Bend Oregon Option to Purchase Package is a comprehensive set of documents specifically designed to facilitate the process of buying or selling real estate in Bend, Oregon. This package includes a range of essential legal documents that outline the terms and conditions of the option contract, providing clarity and protection for both the buyer and seller. Key components of the Bend Oregon Option to Purchase Package include: 1. Option Agreement: This agreement establishes the basic framework of the option contract, including the identification of the property, the purchase price, the duration of the option period, and the rights and obligations of both parties involved. It specifies that the buyer will have the exclusive right to purchase the property within a certain timeframe. 2. Option Consideration: This document outlines the amount of money the buyer must pay the seller to secure the option. It ensures that the seller is compensated for taking the property off the market during the option period. 3. Notice of Option Exercise: This notice is submitted by the buyer to the seller, indicating their intention to exercise their option to purchase the property. It triggers the subsequent steps toward completing the sale. 4. Purchase and Sale Agreement: If the buyer decides to exercise their option, this agreement is entered into between the buyer and seller to formalize the terms of the sale. It includes details such as the closing date, financing contingencies, and any additional provisions agreed upon by both parties. 5. Disclosure Forms: Various disclosure forms may be included in the package, ensuring that the buyer receives all pertinent information about the property, such as property condition reports, environmental reports, and inspection reports. 6. Addendums: The package may also contain addendums tailored to specific situations or contingencies, such as financing, inspection, or repair addendums. These documents allow for further negotiation or clarification of certain terms in the option agreement and purchase agreement. Additionally, there may be different types of Bend Oregon Option to Purchase Packages available, depending on the specific needs and circumstances of the buyer and seller. Some variations might include: 1. Residential Option to Purchase Package: Specifically designed for residential properties, this package caters to buyers and sellers involved in the purchase or sale of single-family homes, townhouses, condominiums, or multi-unit residential properties. 2. Commercial Option to Purchase Package: This package is tailored for commercial real estate transactions, including office buildings, retail spaces, industrial properties, and vacant land designated for commercial development. 3. Land Option to Purchase Package: Geared toward buyers interested in purchasing undeveloped land, this package provides the necessary documents and agreements specifically related to land transactions, such as easement agreements, zoning permits, and access rights. The Bend Oregon Option to Purchase Package streamlines the buying and selling process, providing a comprehensive set of legal documents that protect the interests of both parties involved while ensuring a smooth and transparent transaction.
