Option To Purchase Form for Canada
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Option To Purchase Form
"I need an Option to Purchase Form for a commercial property in Ontario, with a 6-month option period starting January 1, 2025, including specific environmental due diligence conditions and the right to assign the option to a related corporation."
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1. Parties: Identifies and provides full legal names and addresses of the Option Grantor (property owner) and Option Holder
2. Background: Establishes the context of the agreement, including property ownership and parties' intention to enter into an option arrangement
3. Definitions: Defines key terms used throughout the agreement including Property, Option Period, Purchase Price, and Exercise Notice
4. Grant of Option: Explicitly states the grant of the option to purchase the property and any conditions attached to the grant
5. Option Period: Specifies the duration of the option, including start and end dates
6. Option Fee: States the amount of consideration paid for the option and whether it's applicable to the purchase price
7. Exercise of Option: Details the process and requirements for exercising the option, including notice requirements
8. Purchase Price: Clearly states the agreed purchase price for the property if the option is exercised
9. Property Description: Provides detailed legal description of the property subject to the option
10. Title Requirements: Specifies the quality of title to be conveyed upon exercise of the option
11. Representations and Warranties: States the promises and guarantees made by each party regarding the property and their authority
12. Default and Remedies: Outlines what constitutes default and the available remedies
13. Notices: Specifies how and where formal notices must be delivered
14. Governing Law: States that the agreement is governed by Canadian law and specifies the applicable province
15. Execution: Signature block with date and witness provisions