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Real Estate Option Agreement(This is a generic option agreement. Provides the parties with numerous different choices regarding the application of the option monies to the final sale. Also provides for extension of the option upon further payments.) [Name], referred to as SELLER, grants to BUYER the exclusive right to purchase the following parcel of real estate situated _____________, State of ___: see attachment #1 until [Date], upon the terms and conditions stated herein. The Buyer may exercise this option by notice to the owner. The sales price shall be a total of $ (Dollars). The buyer shall receive [--%] per cent of the sums paid for the option as a credit towards the purchase price. Upon exercise of this option by Buyer, a closing shall take place within 15 days. The seller shall convey to the owner by warranty deed the property herein, and the title thereto shall be merchantable. 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 reasonable and customary closing costs for transactions in _________ County, State of __, shall be borne by BUYER. Dated: ___________. SELLER, Optionee _____________________________ Witnesses as to SELLER _____________________________ _____________________________ BUYER, Optionor _____________________________ Witnesses as to BUYER _____________________________ _____________________________
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