Option to Buy Real Estate

This option agreement is made on *  , 20  *   , between  *  , seller,
address:  *  

and  *   , buyer,
address:

The seller now owns the following described real estate, located at
 *  ,
City of  *   , State of  *  , and legally described as follows:  *  



For valuable consideration, the seller agrees to give the buyer an exclusive option to buy this
property for the following price and on the following terms:

  1. The buyer will pay the seller $  *   for this option. This amount will be credited against the
  purchase price of the property if this option is exercised by the buyer. If the option is not
  exercised, the seller will retain this payment.
  
  2. The option period will be from the date of this agreement until *  , 20 * , at which time it
  will expire unless exercised.
  
  3. During this period, the buyer has the option and exclusive right to buy the seller's property
  mentioned above for the purchase price of $  *   . The buyer must notify the seller, in writing, of
  the decision to exercise this option.
  
  4. Attached to this Option Agreement is a completed Agreement to Sell Real Estate. If the buyer
  notifies the seller, in writing, of the decision to exercise the option within the option period, the
  seller and buyer agree to sign the Agreement to Sell Real Estate and complete the sale on the
  terms contained in the Agreement.
  
  5. No modification of this Option Agreement will be effective unless it is in writing and is signed by
  both the buyer and seller. This Option Agreement binds and benefits both the buyer and seller and
  any successors. Time is of the essence of this Option Agreement. This document, including any
  attachments, is the entire agreement between the buyer and seller. This Option Agreement is
  governed by the laws of the State of  *   .
  
Dated  *  


 *                                    *  
Signature of Seller                  Signature of Buyer
  

 *                                    *  
Printed Name of Seller               Printed Name of Buyer