Free Option to Purchase Land Agreement Template
OPTION TO PURCHASE LAND AGREEMENT
I. AGREEMENT OVERVIEW
This Option to Purchase Land Agreement (the "Agreement") is made and entered into this 4th day of December 2050, by and between Etha Lehner, of Delvsource, with a principal place of business at Cleveland, OH 44101, (hereinafter referred to as "Seller"), and [Your Name], of [Your Company Name], whose principal place of business is located at [Your Company Address] (hereinafter referred to as "Buyer").
The Seller hereby grants the Buyer an exclusive option to purchase certain land, as defined in this Agreement, under the terms and conditions set forth herein.
II. DEFINITIONS
Property Description
The land subject to this Agreement is described as follows:
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Address: 1252 Maple Street, Cleveland, OH 44101
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Parcel Number: 123-456-789
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Legal Description: A parcel of land in Section 12, Township 21, Range 7, Cleveland, Ohio, bounded by Maple Street (E), Oak Drive (S), and vacant land (W & N), as detailed in the deed recorded in Cuyahoga County Clerk's office, book 123, page 456.
The aforementioned property is referred to as the "Property" throughout this Agreement.
III. OPTION TERMS
Option Period
The Seller grants the Buyer the exclusive right, but not the obligation, to purchase the Property, subject to the terms and conditions set forth in this Agreement, for a period of six (6) months commencing on the date of execution of this Agreement (the "Option Period"). The Buyer may exercise the option at any time during the Option Period.
Option Price
The Buyer agrees to pay the Seller a non-refundable option fee of $10,000 (the "Option Fee") upon execution of this Agreement. The Option Fee shall be credited towards the Purchase Price (as defined below) if the Buyer elects to exercise the option to purchase the Property.
Purchase Price
The purchase price for the Property, if the Buyer exercises the option, shall be $250,000 (the "Purchase Price"). The Purchase Price shall be payable in full at the time of closing.
IV. EXERCISE OF OPTION
Notice of Exercise
To exercise this option, the Buyer must deliver written notice to the Seller at [Your Company Email] during the Option Period. The notice shall be deemed effective upon receipt by the Seller. Upon exercise of the option, the parties shall proceed with the closing of the sale of the Property.
Closing
The closing of the sale of the Property shall take place at a mutually agreed-upon location and time within thirty (30) days following the delivery of the notice of exercise. The Buyer shall pay the balance of the Purchase Price, less the Option Fee, at the time of closing. The Seller shall execute and deliver a deed of bargain and sale conveying the Property to the Buyer.
V. CLOSING COSTS AND FEES
The Buyer and Seller agree that the Buyer shall be responsible for all closing costs, including, but not limited to, title insurance, transfer taxes, recording fees, and other related fees. The Seller shall be responsible for the preparation of the deed and any costs related to their legal counsel.
VI. TITLE AND CONDITION OF PROPERTY
Title
At the time of closing, the Seller shall convey to the Buyer a marketable title to the Property, free and clear of all liens, encumbrances, and defects, except as otherwise agreed by both parties.
Condition of Property
The Property shall be sold in its "as-is" condition, and the Buyer acknowledges that it has had an opportunity to inspect the Property to its satisfaction. The Buyer shall be responsible for conducting any inspections or environmental assessments as it deems necessary.
VII. GOVERNING LAW
This Agreement shall be governed by, and construed in accordance with, the laws of the State of Ohio, without regard to its conflict of laws principles.
VIII. DISPUTE RESOLUTION
In the event of any dispute or disagreement arising out of or in connection with this Agreement, the parties agree to resolve the matter through mediation. If mediation does not resolve the dispute, the parties may proceed with litigation in the appropriate courts located in Cleveland, OH, in the State of Ohio.
IX. NOTICES
All notices under this Agreement must be made in writing and delivered to the following addresses:
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Seller: Etha Lehner, Delvsource, Cleveland, OH 44101
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Buyer: [Your Name], [Your Company Name], [Your Company Address]
X. SIGNATURES
By signing below, the parties agree to the terms and conditions of this Option to Purchase Land Agreement as of the date first written above.
Seller: Etha Lehner
Delvsource
Date: January 1, 2050
Buyer: [Your Name]
[Your Company Name]
Date: January 1, 2050
For further inquiries or assistance regarding this Agreement, please contact [Your Name] at [Your Email] or [Your Company Email]. You may also reach us by phone at [Your Company Number].
