[WSBARP] Option to Purchase Real Estate

[Eric Lanza]

Hello All,

I've done several Option Agreements in the past. Typically, I will prepare an Option Agreement with all of the required formalities, and attach a Purchase and Sale Agreement (with an agreed upon purchase price) as an exhibit. However, in this particular case, the parties haven't decided on a purchase price.

I want to draft the Option Agreement in such a way that it operates like a right of first refusal---whereby the Grantee of the option may purchase the property for "a price equal to any bonafide non-contingent 3rd party offer received by Grantor during the option term" (or something to that effect).

Is that language sufficiently definite to create an enforceable Option Agreement?

Would a Purchase and Sale Agreement still be a required exhibit if the Option Agreement contained the proposed language?

Has anyone prepared an Option Agreement similar to this?

Thanks,

Eric J. Lanza, J.D.
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eric at jaglaw.net<mailto:eric at jaglaw.net>

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