Option Contract (Commercial Property) (New York)

The legal template titled "Option Contract (Commercial Property) (New York)" refers to a pre-drafted legal document that outlines an agreement between two parties for the purchase or lease of commercial property in the state of New York, USA. An option contract grants the buyer or tenant the right, but not the obligation, to exercise an option to buy or lease the property within a specified period. This legally binding contract ensures that both parties are protected and have a clear understanding of the terms and conditions for the potential future transaction. It typically covers essential elements such as the property details, purchase/lease price, duration of the option period, terms for exercising the option, potential contingencies, and any prerequisites or obligations for the parties involved. This template provides a standardized framework that can be customized and tailored to meet the specific requirements and preferences of the parties involved in the real estate transaction.