Option to Purchase Property
Where a person wants to obtain an option (or future right) to buy immovable property, an Option to Purchase Agreement may be used. The potential purchaser can then elect to buy the property at any time before the option expires, at the agreed price.
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OPTION TO PURCHASE PROPERTY AGREEMENT
Please note that this is not an Offer to Purchase (or Sale of Property Agreement).
Summary Where a person wants to obtain an option (or a future right) to buy immovable property, this Option to Purchase Agreement may be used. The potential purchaser can then elect to buy the property at any time before the option expires, at the agreed price.
Who should use an Option to Purchase Agreement? A property owner and an interested prospective purchaser can use an Option when agreeing that the prospective purchaser has an option to the purchase the property in the future.
Is this intended for use by a tenant obtaining an option to purchase the leased property? Then view our Option to Purchase Leased Property
What does the Option to Purchase Contract say? The template contract covers the following issues: introduction; option to purchase; purchase price and costs; general.
What does the Option Agreement look like? The standard document can be printed onto two pages.
What do you need to do to use the Option to Purchase?
- Read the document template to ensure that it suits your requirements. Make changes as required.
- Complete the relevant details in the agreement.
- Ensure that the completed agreement is signed by both the parties.
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