Option Contract (Commercial Property)

The Option Contract (Commercial Property) is a legal template specifically designed for use in commercial real estate transactions. This contract establishes an agreement between a property owner (the "grantor") and a potential buyer or tenant (the "grantee"), granting the grantee the exclusive right to purchase or lease the commercial property at a predetermined price or rental rate within a specified timeframe.

This template lays out the terms and conditions of the option, including the option fee, option period, exercise price, and any specific rights or obligations of both parties. It also provides provisions for the grantee to conduct due diligence, secure financing, and obtain necessary approvals before executing the option.

The Option Contract aims to protect both parties involved by ensuring transparency, accountability, and legal safeguards throughout the process. It serves as a legally binding agreement that outlines the rights and responsibilities of each party, helps avoid misunderstandings or disputes, and promotes a smooth and organized commercial property transaction.