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This Option Agreement outlines the terms for the Mojave Water Agency to potentially purchase 44.9 acres of COUNTY-owned property in San Bernardino, California.
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What is option agreement?
An option agreement is a contract that grants the holder the right, but not the obligation, to buy or sell an asset at a predetermined price within a specified time frame.
Who is required to file option agreement?
Typically, parties involved in a transaction that includes an option to purchase or lease property are required to file an option agreement.
How to fill out option agreement?
To fill out an option agreement, parties must provide essential details such as the asset description, option price, duration of the option, and the rights and obligations of both parties.
What is the purpose of option agreement?
The purpose of an option agreement is to provide a party the ability to secure the right to purchase or lease an asset without the immediate obligation to do so, allowing for strategic planning.
What information must be reported on option agreement?
Information that must be reported includes the names of the parties, description of the property or asset, option price, duration, and any conditions attached to the agreement.
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