Real Estate Contracts - Two Forms|
Contract for Purchase
Contains a provision for a "Financing and
Inspection Period" which is a negotiated period of time for the Buyer to perform
all desired "due diligence" during which the Buyer can cancel at any time
and get the deposit back.
Option Contract for Purchase
Exactly like the Contract for Purchase and Sale
EXCEPT that the first paragraph contains option language wherein the Buyer pays
a fee to have an option to purchase for a specified period of time. Use this form
where the Buyer needs a relatively long period of time to put the deal together
and the Seller refuses, without the payment of a fee, to take the property off the
market for that period of time by giving the Buyer the exclusive right to purchase..