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_SETUP.1
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2600.BLD
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1997-07-22
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#2600
@001 Please enter the name of the seller:(optionor)
~Enter the name of the person selling/granting the option
@002 Please enter the name of the buyer:(optionee)
~Enter the name of the person buying/getting the option
@180 Name the county where the real estate is located:
~Enter the county, parish, judicial borough or district
~where the property is located
@181 Name the state where the real estate is located:
~Enter the state in which the property is located
@182 Enter the legal description:
~The legal description of the real estate; this is either a
~"metes and bounds" description of the real estate or
~plat book and lot number; the street address alone is NOT
~a legal description
@183 Enter the expiration date of the option:
~The date when the option will expire is stated here
#2601 Will an extension be granted?
~Select yes if the option can be extend by additional payment
#if#2601
@184/@184/@184/@184 Enter the number of days for the extension:
~Select the time permitted if the option is extended
30 days
60 days
90 days
KEY IN VALUE
!185 Enter the sum paid for the extension:
~Enter the amount required to be paid for an extension in
~numerals; for example, 3500; do not use the "$" symbol or
~commas
#endif
#2602
!187 Enter the total sales price in digits:
~Enter the total amount of the sales price (including amounts
~of mortgages or liens assumed)
#2603/#2604/#2605 The sum paid for the option will be:
~Select whether the sums paid for the option are being credited
~to the purchase price, fully, in part or are not credited to
~the sales price at all
Credited to the purchase price in full
Credited in part
Not credited at all
#if#2604
@188/@188/@188/@188 Enter the percentage of credit in digits:
~Select the percentage of the amount credited; if the percentage
~you want is not listed, then select KEY IN VALUE and type in
~the value
25
50
75
KEY IN VALUE
#endif
#2606
@190 Enter the number of days between exercise and closing:
~Enter the NUMBER of days allowed between the date when the
~option is exercised and final closing takes place. The
~word "days" is already in the form.
#2607/#2608 The risk of loss will fall on:
~Select whether insurance must be maintained by the seller or
~the buyer; usually maintained by the seller
The seller (optionor)
The buyer (optionee)
#2609 Was a broker used?
~Select yes if a broker was used
#if#2609
@888 Name the broker:
~Enter the name of the procuring broker
@889 Enter the commission rate as a digit:
~Enter the commission to be paid if the option is exercised
~as a number; do not use the "%" symbol
#endif
#2610/#2611/#2612 The closing costs will be borne by:
~Select if closing costs are to be paid by the seller,
~buyer or shared
Seller
Buyer
Part by each
#if#2612
@999 Enter the costs to be paid by the SELLER:
~State either by amount or type the closing costs to be paid
~by the seller
@555 Enter the costs to be paid by the BUYER:
~State either by amount or type the closing costs to be paid
~by the buyer
#endif
#2613
#end control section
#2600
/* Para. 2600: Real Estate Option-- Straight */
REAL ESTATE OPTION
@001, referred to as SELLER, grants to BUYER the
exclusive right to purchase the following parcel of real estate
situated in @180 County, State of @181:
@182
until @183, upon the terms and conditions stated herein.
#2601
/* Para. 2601: Extension */
The Buyer may obtain a single extension of this exclusive
option for a period of @184 by the payment of a sum of $
@185 (!185 Dollars) before the expiration of the original term
of the option herein.
#2602
/* Para. 2602: Purchase price header */
The Buyer may exercise this option by notice to the
owner. The sales price shall be a total of $ @187 (!187 Dollars).
#2603
/* Para. 2603: Amount credited */
The amounts paid herein for the option shall be credited to
the purchase price.
#2604
/* Para. 2604: % Credited */
The buyer shall receive @188 per cent of the sums paid for the
option as a credit towards the purchase price.
#2605
/* Para. 2605: No credit */
Any and all sums paid for obtaining this option shall
be considered as earned fully by the owner when paid and the
Buyer, @002, shall not receive credit therefor towards the
purchase price.
#2606
/* Para. 2606: Closing */
Upon exercise of this option by Buyer, a closing shall
take place within @190 days. The seller shall convey to the
owner by warranty deed the property herein, and the title thereto
shall be merchantable.
#2607
/* Para. 2607: Risk of loss- Owner */
During the period between exercise of the option by the
buyer and the closing the premises shall be adequately insured
for fire and other perils by the owner.
#2608
/* Para. 2608: Optionee */
During the period of the pendency of this option the BUYER
(Optionee) shall keep the premises adequately insured for
fire and other extended perils. The SELLER (Optionor) shall
be named as a loss payee. Upon the failure of the BUYER
to maintain adequate coverage, the option shall cease as of
the time of cancellation.
#2609
/* Broker: Para. 2609 */
The parties acknowledge that @888 acted as the procuring
broker for the obtaining of this option and that a commission
of @889 per cent of the sales price shall be paid to BROKER
if the option is exercised, or if the parcel is purchased
by BUYER within one year of the expiration of the option
and any renewals thereof.
#2610
/* Para. 2610 */
The reasonable and customary closing costs for transactions
in @180 County, @181, shall be borne by SELLER.
#2611
/* Para. 2611 */
The reasonable and customary closing costs for transactions
in @180 County, @181, shall be borne by BUYER.
#2612
/* Para. 2612: Buyer/ Seller */
The following closing costs shall be borne by the SELLER:
@999
The following closing costs shall be borne by the BUYER:
@555
#2613
Dated: _____________________
SELLER, Optionee Witnesses as to SELLER
_____________________________ _________________________
_____________________________ _________________________
Dated: ______________________
BUYER, Optionor Witnesses as to BUYER
_____________________________ _________________________
_____________________________ _________________________