Purchase Real Estate Agreement


An purchase real estate agreement is a document where the buyer pays a fee for the right to buy a real estate property at a predetermined price within a specific time period. The owner does not relinquish any ownership rights now and if the buyer does not purchase the property within the time period, the fee is forfeited and the option is null and void.

Sample purchase real estate agreement

This option agreement is made and entered between BUYER and SELLER on January 11, 2011.

SELLER DETAILS

Name: Gary Lawson

Address: 82 Meadow town, Hawaii

Phone number: 454654645

BUYER DETAILS

Name: Virginia West

Address: 32 Grey Skies Beach, Hawaii

Phone number: 45455666

PROPERTY DETAILS

Address: 82 Meadow town, Hawaii

OPTION PRICE: $50,000

OPTION TERM: January 11, 2011 to June 11, 2011

TERMS AND CONDITIONS

  • The SELLER agrees that he is the owner of the property mentioned above to be henceforth described as the PREMISES.
  • The BUYER wants to procure an option to purchase the PREMISES, for which he shall pay an option fee of $50,000 and the rest of the purchase amount, that is, $25,000 within the specified time period.
  • The SELLER will not give any ownership rights or transfer any obligations on the BUYER on signing this agreement.
  • If BUYER does not exercise the option within the time mentioned above, the fee is forfeit and the option agreement is terminated unless both the parties agree to an extension of the option period.

Signature: Gary Lawson

Signature: Virginia West

Category: Purchase Agreements

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