Real Estate Option

Real estate option.

Please enter the name of the seller, referred to as SELLER, grants to BUYER the exclusive right to purchase the following parcel of real estate situated in Name the county where the real estate is located County, State of Name the state where the real estate is located:

Enter the legal description

until Enter the expiration date of the option, upon the terms and conditions stated herein.

The Buyer may obtain a single extension of this exclusive option for a period of Enter the number of days for the extension days by the payment of a sum of $ Enter the sum paid for the extension (Enter the sum paid for the extension Dollars) before the expiration of the original term of the option herein.

The Buyer may exercise this option by notice to the owner. The sales price shall be a total of $ Enter the total sales price in digits (Enter the total sales price in digits Dollars). Include the following if the sum paid for the option will be: Credited to the purchase price in full

The amounts paid herein for the option shall be credited to the purchase price. Include the following if the sum paid for the option will be: Credited in part

The buyer shall receive Enter the percentage of credit in digits per cent of the sums paid for the option as a credit towards the purchase price. Include the following if the sum paid for the option will be: Not credited at all

Any and all sums paid for obtaining this option shall be considered as earned fully by the owner when paid and the Buyer, Please enter the name of the buyer, shall not receive credit therefor towards the purchase price.

Upon exercise of this option by Buyer, a closing shall take place within Enter the number of days between exercise and closing days. The seller shall convey to the owner by warranty deed the property herein, and the title thereto shall be merchantable. Include the following if the risk of loss will fall on: The seller (optionor)

During the period between exercise of the option by the buyer and the closing the premises shall be adequately insured for fire and other perils by the owner. Include the following if the risk of loss will fall on: The buyer (optionee)

During the period of the pendency of this option the BUYER (Optionee) shall keep the premises adequately insured for fire and other extended perils. The SELLER (Optionor) 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 parties acknowledge that Name the broker acted as the procuring broker the obtaining of this option and that a commission of Enter the commission rate as a digit per cent of the sales price shall be paid to BROKER if the option is exercised, or if the parcel is purchased by BUYER within one year of the expiration of the option and any renewals thereof. Include the following if the closing costs will be borne by: Seller

The reasonable and customary closing costs for transactions in Name the county where the real estate is located County, Name the state where the real estate is located, shall be borne by OWNER. Include the following if the closing costs will be borne by: Buyer

The reasonable and customary closing costs for transactions in Name the county where the real estate is located County, Name the state where the real estate is located, shall be borne by BUYER. Include the following if the closing costs will be borne by: Part by each

The following closing costs shall be borne by the BUYER:

Enter the costs to be paid by the SELLER

The following closing costs shall be borne by the BUYER:

Enter the costs to be paid by the BUYER

Dated: _____________________

SELLER, Optionee Witnesses as to SELLER

_____________________________ _________________________

_____________________________ _________________________

Dated: ______________________

BUYER, Optionor Witnesses as to BUYER

_____________________________ _________________________

_____________________________ _________________________

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