Option to Purchase Realty
AGREEMENT, made and entered into this [date], between [names] (Sellers), and [name] (Purchaser);
WITNESSETH, that for and in consideration of the payment of ........ dollars ($........) to Sellers by Purchaser and the mutual promises and covenants hereinafter set forth, the parties hereto agree as follows:
1. Form of Contract of Sale. Sellers bind themselves to enter into a contract with Purchaser, a copy of which contract [omitted] is annexed to and made a part of this Agreement, upon the exercise by Purchaser of this Option.
2. Expiration of Option. This Option shall expire on [date].
3. Extension of Option Period. Purchaser shall have the further option on or before [date] to extend the option period for an additional period of [number] days to [date], upon giving notice of the extension of the option period to Sellers prior to [date] and tendering to Sellers the amount of real estate taxes for the extended period payable upon the property covered by this Option.
4. Method of Giving Notice. This Option is to be extended and exercised by Purchaser giving written notice, mailed by certified mail, return receipt requested, to Sellers, at [address]. Payments covering real estate taxes and the consideration for this Option Agreement shall be payable directly to Sellers.
5. Agreement Binding. This Agreement shall be binding upon the parties hereto and their respective heirs, administrators, successors, and assigns.
IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands and seals the day and year first above written.