Agreement, such as the sample on page 183, in the public record of the county where the deed of ownership is registered under option. I recommend including a memorandum instead of the actual real estate option agreement, as the terms of the agreement must remain confidential. There`s no reason to tell your competitors what you`re doing. When I was young and stupid, I learned the hard way not to include an option memorandum in the public record. Land on which I had an option was condemned by a major action by the Florida Department of Transportation as part of a road widening project. But because I hadn`t included an option memorandum in the public records of the county where the property was located, the state of Florida had no way of knowing that I had an option on the property, and I was never informed. However, if I had registered an option memorandum, I would have been informed by the State of Florida and I could have exercised my option, bought the property and left with a good salary! Instead, I learned about the eminent domain procedure after my option expired. 4. In the event that the real estate option is exercised, Mr. Reed or his assignees must send a Memorandum of Understanding, also known as a “Memorandum of Understanding (MOU)”, a form prior to a purchase contract in which two parties agree on the same purpose – the sale/purchase of a property. References: www.techrepublic.com/whitepapers/memorandum-of-contract-for-sale-purchase-of-property/355486 www.investopedia.com/terms/m/mou.asp This Memorandum of Understanding for Real Estate Option, concluded on the ninth day of July 2005, is intended to register and announce a Real Estate Option Agreement between Donald S.
Reed, a single man, optional, in which the optionor, David Jones, a single man, optioning the exclusive, grants an unlimited and irrevocable right and the option to purchase this particular property known as: 45735 Hillsborough Avenue, Tampa, Florida 33603, and legally described as: Lots 47, 48 and 49 of the Carter Subdivision, according to the map or platform thereof, as set forth in Plat Book 69, page 89, of the Hillsborough County, Florida public documents signed between the optionaire and the option holder on the ninth day of July 2005 and the 8th. July 2006 at 00:01 a.m. Finally, I strongly recommend that you include a clause in your real estate option agreement that allows you to register a real estate option protocol A contract protocol is less legally binding than a contract and can be used to describe the terms and details of the agreement before the contract is concluded. They may be used in court if a party fails to perform one or more of the obligations set forth in the Agreement. Mr. Jones, an exercise of the real estate option notice. A copy of the notice must also be sent to Mr. Good.
9. In the event that the option period expires without the option being exercised, Mr. Good must send Mr. Jones the real estate purchase agreement and the security deed within twenty-four hours of the expiry date. Copyright Thomas J. Lucier 2005. To customize this document, download it to your hard drive from the Thomas J. Lucier website in www.thomaslucier.com/optionforms.html. The document can then be opened, edited, and printed using Microsoft Word or another popular word processing application.
FORM 17.1 Model Joint Fiduciary Declarations (continued). . 7.M. Reed or his assignees receive the security deed deposited in trust by Mr. Good. FORM 17.2 Model Memorandum of the Real Estate Option Agreement AS A WITNESS, THE OPTIONOR/Seller and the Holder/Buyer of the Option have set the above date. 1. All notices to Mr. Jones, Mr. Reed and Mr. Good must be sent by certified mail from the United States Postal Service, acknowledgment of receipt requested.
On this ninth day of July 2005, Robert D. Jones will act as an optionor/seller and Donald S. Reed held in trust the documents of Mr. Good listed above under the following joint fiduciary orders: 6907 Charleston Court, Tampa, Florida 33607, which will hold the following documents in trust for the period beginning July 9, 2005 until 12:01 p.m. on July 8.m July 8, 2006 at 12:01 a.m.: 6.M. Reed or his assignees must provide Mr. Good with a bank check in U.S. currency; which is drawn at a local bank and made payable to M. Jones of the amount specified in the real estate purchase agreement less the seller`s closing costs and any additional adjustments or actions. 2. In the event that the real estate option agreement is transferred to a third party, Mr. Reed must each send Mr.
Jones and Mr. Good a copy of the real estate option assignment agreement, together with the full legal name and mailing address of the transferee. . . .