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 Bellevue Washington Option to Purchase Package is a comprehensive legal document that outlines the terms and conditions for the option to purchase real estate in Bellevue, Washington. This package serves as a crucial tool for both buyers and sellers in the real estate industry, providing them with a clear understanding of their rights, obligations, and the conditions associated with the sale. The Bellevue Washington Option to Purchase Package typically contains several key elements, including: 1. Option Agreement: This is the core component of the package, laying out the agreement between the buyer and seller regarding the purchase of the property. It includes detailed information such as the property address, purchase price, option period, and any specific conditions or contingencies. 2. Property Description: A precise description of the property being considered for purchase, including its legal description, size, and relevant landmarks or features. 3. Deposit Amount: The amount of money the buyer is required to deposit as consideration for obtaining the option to purchase. This deposit is typically credited towards the purchase price if the buyer exercises the option. 4. Option Fee: A fee paid by the buyer to the seller for the right to purchase the property within the specified option period. This fee is non-refundable and separate from the deposit. 5. Option Period: The duration during which the buyer has the exclusive right to exercise the option and purchase the property. This period is often negotiable but usually ranges from 30 to 90 days. 6. Terms and Conditions: This section outlines various terms and conditions that must be met for the option to be exercised. It may include provisions related to property inspections, financing, clear title, and other contingencies. The Bellevue Washington Option to Purchase Package can be tailored to suit different scenarios and may have variations based on specific requirements. Some common types of Bellevue Washington Option to Purchase Packages include: 1. Residential Option to Purchase Package: Specifically designed for residential properties, this package includes clauses related to homeowners' associations, home inspections, and other residential-specific considerations. 2. Commercial Option to Purchase Package: Geared towards commercial properties, this package often includes provisions related to zoning regulations, permitted uses, and potential environmental issues. 3. Land/Development Option to Purchase Package: This package is applicable for undeveloped land or properties intended for future development. It may contain additional clauses related to subdivision approvals, land surveys, and permits. In conclusion, the Bellevue Washington Option to Purchase Package is a comprehensive legal document that establishes the terms and conditions for the option to purchase real estate in Bellevue, Washington. It provides clarity and protection for both buyers and sellers, ensuring a smooth real estate transaction process.
