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Real Estate Option Agreement With Extension
(Note: This is a general option extension agreement. It offers each party various choices in respect to the type of financial funds in the final sale.
AGREEMENT made on [Date] by and between [Name] of [Address], hereinafter referred to as "Seller", and [Name] of [Address], hereinafter referred to as "Buyer", do hereby agree as follows:
Seller, grants to Buyer the exclusive right to purchase the following parcel of real estate descibed in attachment marked as exhibit "A", and situated at [Address], located in the state of [State].
this being subject to an expiry [Date], and upon the terms and conditions stated herein.
The Buyer may exercise this option and extension by formal written notice to the owner. The sales price shall be a total of [$-----].
The buyer shall receive [--%] per cent of the sums paid for the option as a credit towards the purchase price.
Upon exercise of this option by Buyer, a closing shall take place within [--] days. The seller shall convey to the owner by warranty deed the property herein, and the title thereto shall be merchantable.
During the period of the pendency of this option the Buyer shall keep the premises adequately insured for fire and other extended perils. The Seller shall be named as a loss payee. Upon the failure of the Buyer to maintain adequate coverage, the option shall cease as of the time of cancellation.
The reasonable and customary closing costs for transactions in [County], State of [State], shall be borne by Buyer.
Amendments of this agreement shall be by mutual consent of the parties only in writing.
Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each party to this Agreement will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Agreement and the transactions contemplated hereby.
Entire Agreement. This Agreement including any attachments is the entire agreement between the parties and there are no other promises or conditions in any other agreement whether oral or written.
This Agreement supersedes any prior written or oral agreements between the parties.
Agreement Binding. This Agreement shall be binding upon the parties hereto and their respective heirs, administrators, successors, and assigns.
No Assignment. Neither this agreement nor any right or interest thereunder shall be assigned in any respect whatsoever.
Exclusion of Oral Statements. This instrument contains all of the agreements of the parties. No oral or other statements shall be binding on either of the parties hereto.
Applicable Law. This Agreement shall be governed by the laws of the State of [State].
Time of The Essence. Time is the essence of this agreement.
IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at [City], [State].
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
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.
[Name of Notary Public]
My commission expires: [date]