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Option To Buy Real Estate Agreement
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:
The Seller now owns the following described real estate, located at [Address]:
For valuable consideration, the Seller agrees to give the Buyer an exclusive option to buy this property for the following price and on the following terms:
1. The Buyer will pay the Seller [$------] for this option. This amount will be credited against the purchase price of the property if this option is exercised by the Buyer. If the option is not exercised, the Seller will retain this payment.
2. The option period will be from the date of this Agreement until [Date], at which time it will expire unless exercised.
3. During this period, the Buyer has the option and exclusive right to buy the Seller's property mentioned above for the purchase price of [$------]. The Buyer must notify the Seller, in writing, of the decision to exercise this option.
4. Attached to this Option Agreement is a completed Contract for the Sale of the Real Estate Property. If the Buyer notifies the Seller, in writing, of the decision to exercise the option within the option period, the Seller and Buyer agree to sign the Contract for the Sale of Real Estate and complete the sale on the terms contained in the Contract.
5. No modification of this Agreement will be effective unless it is in writing and is signed by both the Buyer and Seller.
6. Successors & Assigns. This Agreement binds and benefits both the Buyer and Seller and any successors.
7. Arbitration. Any disputes pertaining to said contractual arrangement being affairs that cannot be settled amicably shall be submitted to an arbitrator under the Rules of the American Arbitration Association or like organization in the City of [city], whose award may be reduced to judgment in any court of competent jurisdiction.
8. Severability. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
9. Waiver Of Agreementual Right. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.
10. No Representations. Neither party has made any representations nor promises, other than those contained in this agreement or in some further writing signed by the party making the representation or promise.
11. 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.
12. Entire Agreement. This Agreement contains the entire agreement of 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.
13. No Assignment. Neither this agreement nor any right or interest thereunder shall be assigned in any respect whatsoever.
14. 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.
15. Applicable Law. This Agreement shall be governed by the laws of the State of [State].
16. 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]