Option to Purchase

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This Option to Purchase gives a party the right to purchase a good (such as a car or boat) but does not obligate the party to do so. This option sets out the last date for exercise of the option and the total purchase price of the good if the option is exercised. It is important that this Option to Purchase be set forth in writing and signed by the parties.

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This Option to Purchase gives an individual the right to purchase a good (such as a car, boat or animal) without the obligation to do so. This option sets forth the names of the person giving the option (“optionor”) and individual receiving the option (“optionee”), a brief description of the goods and the total purchase price if the option is exercised. It also sets out the last date for exercise of the option and if optioned, how the goods will be paid for and delivered. It is important that this option be set out in writing rather than orally. A written Option to Purchase will prove valuable in the event there are disagreements about the optionee’s rights to purchase the good or product.

This Option to Purchase (Goods) contains the following provisions:
  • Parties: Sets forth the names and addresses of both optionor and optionee;
  • Optioned Goods: Sets forth a detailed description of the goods to be optioned (i.e., a vehicle, boat or other product) and that optionor is the legal owner of the goods;
  • Exercise Price: Sets out the purchase price of the goods if the option is exercised;
  • Option Exercise Period: Sets out the last date for exercising the option agreement;
  • Signatures: Both parties must sign this option in the presence of witnesses.

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This attorney-prepared packet contains:
  1. General Instructions
  2. Option to Purchase (Goods)
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Option to Purchase

 

 
THIS AGREEMENT made as of Date of Signing of Option Agreement between Name of Person Granting Option, of Address of Person Granting Option (the “Optionor”) and Name of Person Receiving Option, of Address of Person Receiving Option (the “Optionee”).
 
 
 
IN CONSIDERATION of the payment by the Optionee to the Optionor of the sum of two dollars ($2.00) and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Optionor hereby grants to the Optionee an option (the “Option”) to Describe subject matter being Optioned (ie. a Blue 1999 Honda Civic bearing V.I.N. __________) (the “Optioned Goods”) owned by the Optionor, upon and subject to the following terms and conditions:
 
1.   Exercise Price. The purchase price for the Optioned Goods (the “Purchase Price”) upon exercise of the Option shall be Purchase Price for Optioned Goods after Option is Exercised (ie. $10,500):
 
2.   Option Exercise Period. The Option may be exercised by the Optionee at any time from the date hereof until Last day for Exercising Option (ie. July 10, 2002) (the “Termination Date”) and shall terminate on the Termination Date unless exercised by the Optionee prior thereto.
 
3.   Exercise of Option. The Optionee shall, for the purposes of exercising the Option, give to the Optionor notice in writing thereof (the “Notice”), accompanied by a certified cheque or bank draft payable to the Optionor in the amount of the Purchase Price.
 
4.   Transfer of Optioned Goods. Upon compliance by the Optionee of all of the terms and conditions of this Agreement and upon receipt by the Optionor of (i) the Notice, and (ii) payment of the Purchase Price, the Optionor shall sell and transfer to the Optionee the Optioned Goods and as evidence thereof, the Optionor shall execute in favor of the Optionee a Bill of Sale, together with such other documents to evidence the sale and transfer as the Optionee reasonably requests.
 
5.   Non-Assignability of Option. The Option is personal to the Optionee. Accordingly, the Optionee may not sell, assign or otherwise transfer the Option or any of its rights under this Agreement without the prior written consent of the Optionor, which consent may be unreasonably or arbitrarily withheld.
 
6.   Entire Agreement. This Agreement expresses the entire agreement between the parties concerning the subject matter hereof and supersedes all previous agreements, whether written or oral, between the parties respecting the subject matter hereof.
 
7.   Successors and Assigns. This Agreement shall be binding upon the parties hereto and their respective heirs, executors, administrators and successors and permitted assigns.
 
8.   Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of State of Optionor (ie. Washington).
 
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
 
 
Witness
 
Name of Person Granting Option
 
 
 
 
Witness
 
Name of Person Receiving Option
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28843
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Option to Purchase

 

 
THIS AGREEMENT made as of Date of Signing of Option Agreement between Name of Person Granting Option, of Address of Person Granting Option (the “Optionor”) and Name of Person Receiving Option, of Address of Person Receiving Option (the “Optionee”).
 
 
 
IN CONSIDERATION of the payment by the Optionee to the Optionor of the sum of two dollars ($2.00) and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Optionor hereby grants to the Optionee an option (the “Option”) to Describe subject matter being Optioned (ie. a Blue 1999 Honda Civic bearing V.I.N. __________) (the “Optioned Goods”) owned by the Optionor, upon and subject to the following terms and conditions:
 
1.   Exercise Price. The purchase price for the Optioned Goods (the “Purchase Price”) upon exercise of the Option shall be Purchase Price for Optioned Goods after Option is Exercised (ie. $10,500):
 
2.   Option Exercise Period. The Option may be exercised by the Optionee at any time from the date hereof until Last day for Exercising Option (ie. July 10, 2002) (the “Termination Date”) and shall terminate on the Termination Date unless exercised by the Optionee prior thereto.
 
3.   Exercise of Option. The Optionee shall, for the purposes of exercising the Option, give to the Optionor notice in writing thereof (the “Notice”), accompanied by a certified cheque or bank draft payable to the Optionor in the amount of the Purchase Price.
 
4.   Transfer of Optioned Goods. Upon compliance by the Optionee of all of the terms and conditions of this Agreement and upon receipt by the Optionor of (i) the Notice, and (ii) payment of the Purchase Price, the Optionor shall sell and transfer to the Optionee the Optioned Goods and as evidence thereof, the Optionor shall execute in favor of the Optionee a Bill of Sale, together with such other documents to evidence the sale and transfer as the Optionee reasonably requests.
 
5.   Non-Assignability of Option. The Option is personal to the Optionee. Accordingly, the Optionee may not sell, assign or otherwise transfer the Option or any of its rights under this Agreement without the prior written consent of the Optionor, which consent may be unreasonably or arbitrarily withheld.
 
6.   Entire Agreement. This Agreement expresses the entire agreement between the parties concerning the subject matter hereof and supersedes all previous agreements, whether written or oral, between the parties respecting the subject matter hereof.
 
7.   Successors and Assigns. This Agreement shall be binding upon the parties hereto and their respective heirs, executors, administrators and successors and permitted assigns.
 
8.   Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of State of Optionor (ie. Washington).
 
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
 
 
Witness
 
Name of Person Granting Option
 
 
 
 
Witness
 
Name of Person Receiving Option
 

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I am a first-time user. Very impressed with the quality of the form I selected - the other party's lawyer made no changes to it - and that says a lot in my opinion.


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