Notice of exercise of Option to purchase real estate
This Notice is to be used to exercise an Option to purchase real estate granted in a previous Option Agreement.
*Once the Optionee sends this Notice, the Optionee is legally obligated to purchase the property as per the terms in the Option Agreement.
Parties to this document
Optionor: owner of the property who has granted to another the exclusive right to purchase such property
Optionee: has the right to purchase Optionor’s property for a certain amount of time as per the Option Agreement
When to use this agreement?
To be used by the Optionee to exercise its Option
Before completing this form, please collect the following information:
- Name and address of Optionor
- Name of Optionee’s representative (if any)
- Address of the property
- Date on which the Option was signed
- Date and address at which the closing (the transfer of ownership of the property) shall take place
Specifications of this Notice
- Two copies of the Sale Agreement signed by the Optionee as well as a check in the amount specified in the Sale Agreement should be attached to this Notice
- To be sent to Optionor by registered mail with return receipt requested or by other means where receipt can be confirmed.
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