Affadavit & Memorandum of Option 1 Party Agreement
Why Memorandum of Option is needed?
There are always problems associated with selling and buying a property. Often these problems can be very big. To prevent these problems from happening repeatedly, there is a series set of rules was established by the government. These agreements are designed for mutual benefits. Not only limited to that even government comes to know about the transactions. However, as I stated above this is not the primary motive. The motive is to create harmony between the buyer and the seller during these transactions.
In order to do that government put forth so many rules and regulations. One such provision is what we are about to see here. It is an affidavit and memorandum of option agreement for purchase and sale of land or a property. Since, Seller is the owner of that certain real property located in so and so, and where the Seller desires to sell the property to Buyer and to grant to Buyer the sole exclusive right and option to purchase the Property on the terms and conditions.
On the other hand, the Buyer desires to acquire the sole exclusive right and option to purchase the Property on the terms and conditions’ hereafter stated. Therefore, in consideration of the mutual agreements and covenants where the seller decided to give the buying right, and the buyer decides to take the buying rights a form is created. With the help of a lawyer, these forms should be signed duly by both parties to proceed with the property selling further these had been created.
Sample Template Preview
Attention: Clerk of the Court, cross-reference to Deed Book ______, Page ______.
After Recording Return To:
STATE OF COUNTY OF AN OPTION AGREEMENT has been made and entered into this ______ day of _______________________, 20_____, between ___________________________________________________, as party of the first part, hereinafter referred to as “Optionor”, and _______________________________________________________, as the party of the second part, hereinafter referred to as “Optionee” (the words Optionor and Optionee to include their respective heirs, successors and assigns where the context requires or permits).
WITNESSETH THAT: Optionor, for and in consideration of the sum of one dollar ($1.00) and other good and valuable considerations in hand paid at and before the sealing and delivery of these presents, the receipt and sufficiency whereof is hereby acknowledged, by these presents does hereby sell, convey and transfer unto said Optionee, an Option for the Sale and Purchase of the real property which is described as follows:
(Insert Legal Description)
THIS OPTION AGREEMENT PROHIBITS ADDITIONAL INDEBTEDNESS
The closing of the sale and purchase of said real property is to take place pursuant to the terms of the Agreement(s) entered into of even date herewith. Any interested party may contact:
__________________________________________________________________________________, whose mailing address is ____________________________________________________, and whose telephone number is (_____)______________.
Should said Option Agreement fail to close for any reason and should Optionee elect not to pursue specific performance under the terms of said Agreement(s), this Notice shall be released upon the repayment to Optionee of any funds expended by Optionee in order to pay any underlying indebtedness, taxes, assessments or fees which may have been due from Optionor, plus interest.
IN WITNESS WHEREOF, the parties hereto have signed and sealed this memorandum, the day and year first above written.
Signed, sealed, and delivered in the presence of:
Witness Optionor: (Print or Type Name) _________________________________________________________
Witness Optionee: (Print or Type Name) _________________________________________________________
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