# Option Contract Agreement
This Option Contract Agreement ("Agreement") is made and entered into as of [Date] (the "Effective Date") by and between:
**Optionor:**
[Optionor's Name]
[Optionor's Address]
[City, State, Zip Code]
[Email Address]
**Optionee:**
[Optionee's Name]
[Optionee's Address]
[City, State, Zip Code]
[Email Address]
**Recitals:**
WHEREAS, the Optionor is the lawful owner of the property located at [Property Address] (the "Property"); and
WHEREAS, the Optionee wishes to obtain an option to purchase the Property from the Optionor under the terms contained herein.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows:
## 1. Grant of Option
The Optionor hereby grants to the Optionee the exclusive right (the "Option") to purchase the Property, subject to the terms and conditions of this Agreement.
## 2. Option Term
The Option shall commence on the Effective Date and shall remain in effect until [Expiration Date] (the "Option Period").
## 3. Purchase Price
The purchase price for the Property shall be [Purchase Price] (the "Purchase Price"), which shall be payable in full upon exercise of the Option.
## 4. Payment of Option Fee
In consideration for the grant of this Option, the Optionee agrees to pay to the Optionor a non-refundable option fee in the amount of [Option Fee] (the "Option Fee"), due upon execution of this Agreement.
## 5. Exercise of Option
The Optionee may exercise the Option by providing written notice to the Optionor at least [Notice Period] prior to the expiration of the Option Period. Such notice shall include the intended closing date, which must be no later than [Closing Date].
## 6. Closing
The closing of the purchase and sale of the Property (the "Closing") shall occur on the date specified in the notice provided by the Optionee, subject to the terms of this Agreement. The Optionor shall convey the Property to the Optionee by a general warranty deed.
## 7. Title and Conveyance
Upon the exercise of the Option and payment of the Purchase Price, the Optionor shall convey good and marketable title to the Property free of all encumbrances, except for those acceptable to the Optionee.
## 8. Representations and Warranties
The Optionor represents and warrants that:
- The Optionor is the sole owner of the Property and has the right to enter into this Agreement.
- The Property is free from any liens, encumbrances, or legal claims except as disclosed to the Optionee.
## 9. Default
In the event that any party fails to comply with the terms of this Agreement, the non-defaulting party may provide written notice of default and, if the default is not cured within [Cure Period], may seek any available remedies as provided by law.
## 10. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
## 11. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements, understandings, and negotiations, whether oral or written.
## 12. Amendments
Any amendments to this Agreement must be in writing and signed by both parties.
## 13. Severability
If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
## IN WITNESS WHEREOF, the parties hereto have executed this Option Contract Agreement as of the Effective Date.
**Optionor:**
______________________________
[Optionor's Name]
Date: ________________________
**Optionee:**
______________________________
[Optionee's Name]
Date: ________________________
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*Please note that this is a template and should be reviewed by a legal professional to ensure it meets the specific requirements of your jurisdiction and circumstances.*