The Option To Purchase Commercial Real Estate Form is a crucial document in commercial real estate transactions across the United States. It serves as a bridge between initial interest and final purchase, allowing potential buyers to secure the right to purchase property while conducting necessary due diligence. This document is particularly valuable when buyers need time to arrange financing, conduct environmental assessments, or evaluate development potential. The agreement protects both parties by clearly defining the option period, purchase price, and conditions for exercising the option. It's commonly used in development projects, investment acquisitions, and strategic property purchases, providing flexibility while maintaining legal enforceability under both federal and state jurisdictions.
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1. Parties: Identification of option grantor and option holder
2. Background: Context and purpose of the option agreement
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the commercial property
5. Option Term: Duration of the option period
6. Option Price: Cost to purchase the option
7. Purchase Price: Agreed price for the property if option is exercised
8. Exercise of Option: Process and requirements for exercising the option
9. Closing Terms: Conditions and procedures for closing the sale
1. Due Diligence Period: Time allowed for property investigation and buyer's right to terminate based on findings
2. Existing Tenancies: Details of current lease agreements and tenant obligations
3. Environmental Conditions: Environmental issues, responsibilities, and remediation requirements
4. Development Rights: Rights and restrictions regarding property development or modification
1. Schedule A - Property Description: Detailed legal description and property boundaries
2. Schedule B - Title Documents: Current title documentation and any encumbrances
3. Schedule C - Environmental Reports: Any existing environmental assessments and reports
4. Schedule D - Current Leases: Copies of existing lease agreements and tenant information
5. Schedule E - Property Plans: Site plans, building plans, and property surveys
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