Option to Purchase Real Estate Property

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

OPTION TO PURCHASE REAL ESTATE PROPERTY

This Option to Purchase Real Estate Property ('Option') is made and entered into this {{day}} day of {{month}}, {{year}}, by and between:

Seller: {{seller_name}}, with identity number {{seller_id_number}}, residing at {{seller_address}} ('Seller')

Buyer: {{buyer_name}}, with identity number {{buyer_id_number}}, residing at {{buyer_address}} ('Buyer')

1. Grant of Option

In consideration of the sum of {{option_fee_amount}} ({{option_fee_amount_words}}) paid by the Buyer to the Seller (the 'Option Fee'), the receipt and sufficiency of which is hereby acknowledged, the Seller hereby grants to the Buyer an exclusive and irrevocable option to purchase the real estate property described below (the 'Property').

Property Description: {{property_description}}

Physical Address: {{property_address}}

Title Deed Information: {{title_deed_details}}

2. Option Period

This Option shall be valid and exercisable for a period commencing on the {{start_date}} and terminating at 17:00 on the {{end_date}} ('Option Period'). Time is of the essence.

3. Purchase Price

The purchase price for the Property, should the Buyer exercise this Option, shall be the sum of {{purchase_price_amount}} ({{purchase_price_amount_words}}) ('Purchase Price').

4. Exercise of Option

The Buyer may exercise this Option by delivering written notice of exercise to the Seller prior to the expiration of the Option Period. Such notice shall be delivered to {{seller_notice_address}}.

5. Terms of Sale

Upon exercise of this Option, the parties agree to enter into a formal Sale Agreement within {{days_to_sign_sale_agreement}} days of the exercise notice. The Sale Agreement shall incorporate the terms of this Option and include standard clauses typical for real estate transactions in the jurisdiction, including but not limited to, provisions regarding transfer duties, conveyancing attorneys, and possession.

6. Forfeiture of Option Fee

In the event the Buyer does not exercise this Option within the Option Period, the Option Fee shall be retained by the Seller as full compensation for granting this Option and for taking the Property off the market, and this Option shall become null and void.

7. Governing Law

This Option shall be governed by and construed in accordance with the laws of {{jurisdiction}}.

Signature Block

_____________________________

SELLER: {{seller_name}}

Date: {{seller_signature_date}}

_____________________________

BUYER: {{buyer_name}}

Date: {{buyer_signature_date}}

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WITNESS 1: {{witness_1_name}}

Date: {{witness_1_date}}

_____________________________

WITNESS 2: {{witness_2_name}}

Date: {{witness_2_date}}