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Option To Purchase Personal Property
1. Introduction. Agreement made [date] between [name], residing at [address] (Seller), and [name], residing at [address] (Buyer).
2. Grant of Option.In consideration of the sum of ---------- dollars ($----------), receipt of which is acknowledged by Seller, Seller grants to Buyer the option to purchase the following goods and chattels:
3. Purchase Price. The purchase price of the goods and chattels is ---------- dollars ($----------), payable in cash or good certified check at the time provided in Paragraph 5. The consideration paid for the grant of this option, referred to in Paragraph 2, is exclusive of the purchase price and shall not be applied against it.
3. Purchase Price. The purchase price of the goods and chattels is ---------- dollars ($----------), payable in cash or good certified check at the time provided in Paragraph 5. The consideration paid for the grant of this option, referred to in Paragraph 2, shall be applied against the purchase price.
4. Exercise of Option. The option must be exercised by Buyer on or before [date], by notice in writing, mailed by registered or certified mail, return receipt requested, postage prepaid, to Seller at [address]. Notice shall be deemed given and the option exercised on the date on which the notice is mailed.
5. Completion of Sale. No later than [number] days following the mailing of notice of the exercise of the option, Buyer shall pay Seller the purchase price. Upon receipt of the purchase price, Seller will deliver to Buyer the goods and chattels together with a properly executed bill of sale with affidavit of title attached. Seller makes and will make no warranties as to the physical condition of the goods and chattels.
6. Failure to Exercise Option or Complete Sale. If Buyer fails to exercise Buyer's option in accordance with Paragraph 4 or, having exercised Buyer's option, fails to pay the purchase price in accordance with Paragraph 5, this Agreement shall terminate and have no effect. Seller may retain the sum paid as consideration for the grant of the option, and Seller and Buyer shall have no liability to each other.
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [COUNTY]
On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____