Exercise Extreme Caution when using many of our free forms - or any legal material. While they may provide general ideas on format & content, validity requirements can and do vary greatly from state to state. Many MUST be Properly Modified for your own location and circumstances. (Hint: If in doubt it's usually safer to include unneeded clauses than to leave out necessary ones. . . . but it's even safer to consult a competent source or use current, state specific ones like ours mentioned below.) Also, we urge people (and lawyers too) to read our Relying On Legal Info FAQ.

See Our Premium Forms!


PREMIUM LEGAL RESOURCES LEGAL FORMS ASK A LAWYER

For Up-To-Date Forms Covering Just About Every State & Situation plus Summaries of
Relevant Laws We STRONGLY SUGGEST Checking Out
'LLL's 25,000+ Premium Forms - Every Subject, Every State
(This should open a new window. Close it when you're done and you'll be back here.)

PURCHASE OPTION AGREEMENT

This Purchase Option Agreement is hereby entered into between [Owner] and [Buyer]. Buyer hereby pays to Owner the sum of [$] in consideration for the option set forth in this agreement. The terms of the option are as follows:

1. Buyer has the option and right to buy: [describe property according to both its legal description and its street address].

2. The purchase price of the property is [$]. The following payment terms are acceptable to Owner:

3. This option will remain in effect until [date and time], unless sooner exercised.

4. To exercise this option, the Buyer must notify the Owner by certified mail of its exercise within the option period.

5. If Buyer exercises this option, Owner will complete and sign the enclosed contract of sale within 10 days.

6. This option agreement shall be binding upon and inure to the benefit of the parties, their assigns, and personal representatives.

Signed under seal this date:

____________________________
Owner

Signed under seal this date:

____________________________
Buyer

WITNESSED the hands of said Buyer and Owner this[day] day of [month], [year].

State of )

County of )

On this date, [list names of person(s) who signed above] personally appeared before me and acknowledged that the above signature(s) are valid and binding.

____________________________
Notary Public

My Commission expires:

-----

For Up-To-Date Forms Covering Just About Every State & Situation plus Summaries of
Relevant Laws We STRONGLY SUGGEST Checking Out
'LLL's 25,000+ Premium Forms - Every Subject, Every State
(This should open a new window. Close it when you're done and you'll be back here.)

-----
Brought to you by - The 'Lectric Law Library
The Net's Finest Legal Resource For Legal Pros & Laypeople Alike.
http://www.lectlaw.com

Google+