Discuss about the option to purchase land

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Reference no: EM131397081

For this assignment, you'll be given a real-world scenario and you'll have to prepare an Option to Purchase Land. Again, this is the sort of task you might actually do at a law firm.

Real-World Scenario

Your attorney is rushing off to a meeting and has to have an "Option to Purchase Land" prepared to present to a client first thing in the morning. She has asked you to draft a new Option to Purchase Land document.

In the file is a description of the land that states that a certain parcel of land located at 835 S. Bridle Road, Jackson, Wyoming, Cook County, consisting of 15.34 acres of undeveloped land. The file also contains the terms, which is a down payment deposit of $24,000 on signing the option and $275,000 at closing. The deposit will be held in escrow and the contract is pursuant to Wyoming law.

Legal Description

Lots 6, 7, and the South ½ of Lot 3, West 60 feet of South ½ of Lot 4, West 60 feet of Lot 5 and Lot 8, Block 20, Jackson, Cook County, Wyoming.

The client's name on the file is WHM Developers. They are the purchasers. The sellers are Mary and William Johnson. The property will be conveyed by general warranty deed. If either party fails to perform, then they will pay all costs incurred on both sides. The deposit is refunded if the seller fails to perform under the terms of the contract. The seller has 7 days after acceptance to deliver title insurance commitment.

The closing date and date that the deed will be delivered will be 30 days from today's date. All taxes and premiums will be prorated as of the closing date.

The seller has marketable title, but the buyer has 5 days from receipt of title commitment and survey to notify the seller of any title defect. The seller has 7 days to cure such defects at seller's expense, but this shall not modify or change the closing date. If the seller is unable to convey marketable title, the buyer can terminate the agreement and be refunded the deposit. The buyer will not accept less than marketable title.

You should include standard loss or damage and default and attorney fee provisions. The property will be delivered "as is" and there are no occupancy, zoning, and maintenance issues in this case since the land is undeveloped and zoned appropriately.

Search the Internet for examples of an "Option to Purchase Land" or "Option to Purchase." Use the examples you found as a starting point and draft a new Option to Purchase Land based upon the facts presented.

You may want to include the following areas in your Option to Purchase Land:

Total Purchase Price

Payment of Expenses

Prorations

Title Evidence

Title Examination and Time for Closing

Loss or Damage

What will the Seller agrees to deliver?

Occupancy

Default and Attorney Fees

Zoning and Restrictions

Maintenance

Are there any other agreements, promises or understandings?

Steps

Search the Internet for examples of "Option to Purchase Land" or "Option to Purchase."

Using Microsoft Word, prepare an Option to Purchase Land based on the facts of this scenario.

Use the examples you found as guides only. Do not just copy the examples. Use your own words. Be creative.

Fully complete the Option to Purchase Land with all of the necessary contractual agreements.

At the bottom of the contract, please copy and paste any web sites you used to help you create your Option to Purchase Land.

Reference no: EM131397081

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