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4S. Request for Council Action TO:Mayor and City CouncilTHROUGH: FROM: MEETING DATE: SUBJECT:Tim Murray, City Administrator Deanna Kennel, Com. & Econ. Dev. Director November 27, 2018, Resolution

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How to fill out option and purchase agreement

01

Start by entering the details of the buyer and seller in the agreement.

02

Clearly specify the terms and conditions of the option agreement, including the price, timeframe, and any additional clauses.

03

Once the option is exercised, draft the purchase agreement with detailed terms of the sale.

04

Have both parties review and sign the agreement to make it legally binding.

Who needs option and purchase agreement?

01

Real estate investors who want to secure a property for future purchase.

02

Property owners who want to give buyers the option to purchase at a later date.

03

Anyone involved in a real estate transaction looking to clarify the terms of the sale.

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What is option and purchase agreement?

An option and purchase agreement is a legal contract that allows a buyer to secure the option to purchase a property at a specified price within a certain period of time.

Who is required to file option and purchase agreement?

The buyer and seller involved in the transaction are required to file the option and purchase agreement.

How to fill out option and purchase agreement?

The option and purchase agreement should be filled out with the details of the property, purchase price, terms and conditions, and signatures of both parties.

What is the purpose of option and purchase agreement?

The purpose of an option and purchase agreement is to provide a legal framework for a property transaction and protect the interests of both the buyer and seller.

What information must be reported on option and purchase agreement?

The option and purchase agreement must include details of the property, purchase price, payment terms, closing date, and any other relevant terms of the sale.

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