OPTION-PRO-buyer

A guide for Option-Pro-Buyer

If you want to buy a home, there are so many things that you have to consider. Unless you take the help of Pro-Buyer guide, it becomes extremely difficult to choose the best option. Pro buyers can help you through their services and let you decide the best options easily. These brokers help you derive benefit as a buyer from the transaction. These people represent buyers and give a professional opinion to buyers regarding specific property and help in negotiating the deal. There should be Pro-buyers in the market to protect the buyers interests so that there is no exploitation by the sellers. It should be a win-win situation and only when both the parties are given their due share, the financial system will function smoothly.

Pro-buyer doesn’t mean it is advantage buyer at the expense of the seller. It only means that buyers rights are protected professionally and buyers get the right property at the right price. The rules of various boards like condo boards should make sure that the buyers requirements are relaxed in a way to enable buyers easier access. If condo associations become too strict and approval process becomes unreasonable and arbitrary, it may lead to frustration on the part of the buyer. It is also not healthy for the market as a whole since there is no proper exchange mechanism in the market.

In essence, Option-Pro-Buyer should mean equitable support to the buyer with right options to help them in the buying process. It should not be lopsided either towards buyer or seller in a way as to ruin the financial system. It is detrimental to whole of the financial system in the long run.

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Sample Template Preview

OPTION TO PURCHASE     

THIS AGREEMENT made this          day of                , 20       between,
Optionor, and                      Optionee.

 IN CONSIDERATION (which will be applied toward purchase price/down payment) of the sum $        paid by Optionee (the receipt of which is hereby acknowledged by Optionor) the Optionor gives to Optionee the exclusive option, right and privilege of purchasing certain Real property located in the township/village/city of             County of         and State of        , described as:

Property Address

This option is subject to the following terms and conditions:

1)       Optionor grants Optionee the exclusive right to exercise this option for a period commencing on                         , and terminating at midnight,         .   If not exercised, this option shall expire midnight         and Optionor shall be released from all obligations hereunder, legal or equitable.  The obligation shall cease and the consideration here above receipted for the Optionor, shall be retained by Optionor.
2)       There shall be additional option consideration of $             per month given by Optionor to Optionee as credit towards purchasing the home.
This monthly option consideration  shall be credit toward the down payment/purchase
price of the above property.
3)           If Optionee elects to exercise this option the sale shall take place according to the terms of the attached purchase agreement, which has been signed by Optionee and Optionor  this e day.
Notice of election to Purchase shall be given by Optionee in writing, and by first class
mail, addressed to Optionor, at:                  . or by a phone call if Optionor has a phone.
The option consideration is for the sole purpose of granting the OPTIONEE the exclusive right to purchase the subject property at the stated price and terms.
This option to purchase shall apply to and bind the heirs, executors, and administrator of
the respective parties.
7)        Optionor agrees they will not put any additional liens against property before or during
option period.    Additional liens would also imply unpaid property taxes, IRS liens,
second mortgages, etc.
8)       Optionee has the right to multiple-list, advertise, or resale this property  before or
during this option period.   Optionor agrees to continue to carry their homeowners
insurance during this option period, but will have it changed to a non-owner occupied
policy within 3 days of option beginning.   If seller does not provide change in insurance
within the given period of time, then optionee can get insurance to cover this change, at
optionor’s expense, and to be taken off following months lease payment – or purchase
price, whichever optionee chooses.
If optionor doesn’t pay their mortgage payment, property insurance or tax payments,
then  the  optionee has the right to pay the rental amount directly to either of these
parties,  versus the  seller.  If any amount paid to either of these parties exceeds the
amount due that month, then the additional amount paid by optionee will be credited at
closing to the optionee – with an additional 50% added as credit.  (ie.  if the rental
amount is $900 and the payment made for mortgage or taxes is $1000 – then the
purchaser would be credited at closing $100 + 50 = $150 off the purchase price.

10)    Should the property become uninhabitable at any point during the lease period the
tenant will be released from all rent liabilities until the property is habitable and is re-let.
The amount of time that the home is uninhabitable will be the time period that will be
added to the attached rental agreement and purchase agreement.
11)        Time is of the essence in this agreement.

The parties have executed this agreement on the date first above written.

Optionor(s):                    Optionee(s):

Witness:                    Witness: