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    Form 4042

    Uploaded by

    IqbalAsif
    This agreement is between a broker and a client to obtain a purchase option for a property. The broker is authorized to negotiate an option from the property owner to purchase the property for a specified price. The client agrees to pay the broker a commission if an option is procured. The broker's right to the commission depends on the owner's ability to convey clear title and that the property matches the legal description and has no encumbrances other than specified. The client cannot interfere with the broker's agency and the commission is still due if the client fails to exercise an obtained option for any reason other than a title defect. The agreement expires after a specified number of days.

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    © All Rights Reserved
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    Form 4042

    Uploaded by

    IqbalAsif
    134 views3 pages
    This agreement is between a broker and a client to obtain a purchase option for a property. The broker is authorized to negotiate an option from the property owner to purchase the property for a specified price. The client agrees to pay the broker a commission if an option is procured. The broker's right to the commission depends on the owner's ability to convey clear title and that the property matches the legal description and has no encumbrances other than specified. The client cannot interfere with the broker's agency and the commission is still due if the client fails to exercise an obtained option for any reason other than a title defect. The agreement expires after a specified number of days.

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    Form 4042

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    This agreement is between a broker and a client to obtain a purchase option for a property. The broker is authorized to negotiate an option from the property owner to purchase the property for a specified price. The client agrees to pay the broker a commission if an option is procured. The broker's right to the commission depends on the owner's ability to convey clear title and that the property matches the legal description and has no encumbrances other than specified. The client cannot interfere with the broker's agency and the commission is still due if the client fails to exercise an obtained option for any reason other than a title defect. The agreement expires after a specified number of days.

    Copyright:

    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
    134 views3 pages

    Form 4042

    Uploaded by

    IqbalAsif
    This agreement is between a broker and a client to obtain a purchase option for a property. The broker is authorized to negotiate an option from the property owner to purchase the property for a specified price. The client agrees to pay the broker a commission if an option is procured. The broker's right to the commission depends on the owner's ability to convey clear title and that the property matches the legal description and has no encumbrances other than specified. The client cannot interfere with the broker's agency and the commission is still due if the client fails to exercise an obtained option for any reason other than a title defect. The agreement expires after a specified number of days.

    Copyright:

    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
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    AGREEMENT FOR ACQUISITION OF PURCHASE OPTION

    This agreement is effective as of ________________________ (Date), by and between


    ________________________________, of __________________________________
    ______________________________ (Address), hereinafter referred to as broker, and
    ____________________, of _______________________________________________ (Address),
    hereinafter referred to as client.
    PART I.
    DUTIES OF BROKER
    The client authorizes the broker to act as __________ (His/Her) agent to obtain an option from
    __________________________, of _____________________________
    ____________________________________ (Address), to purchase property located at
    _________________________________ (Address), owned by ___________________ in fee simple and
    ________________________ (Unburdened by easements, or burdened only by the following easements:
    ________________________________ ), at a price of ________________ ($_____) or less.
    PART II.
    BROKERS COMMISSION
    The client promises to pay the broker a commission of ________________ ($_____) or ________
    percent for procurement of the stated option.
    PART III.
    CONDITIONS FOR RIGHT TO COMMISSION
    The covenant to pay broker the commission is expressly conditioned on:
    1. Ability of __________________________________ to convey a fee simple title;
    2. A determination that the property does in fact conform to the legal description set forth above; and
    3. A determination that the property is in fact unencumbered by easements other than as set forth above.
    PART IV.
    FAILURE TO EXERCISE OPTION

    Client expressly understands and agrees that __________ (His/Her) failure to exercise an option for any
    reason other than a defect noted above will not impair brokers right to the commission established in this
    agreement. The commission will remain payable __________ days after delivery to client of the option.
    PART V.
    TERM
    This agreement shall expire __________ days from the above written effective date. The at that time
    must return the funds tendered pursuant to this agreement for use in procuring an option.
    The broker has no right to a commission for any option consummated after __________ days from the
    above written effective date
    PART VI.
    CLIENT NOT TO INTERFERE WITH AGENCY
    The client hereby agrees that __________ (He/She) will not communicate with or interfere in any way
    during the term of this agreement and agrees that brokers commission will be due and payable if any
    violation by client of this covenant prevents broker from obtaining an option.
    PART VII.
    GOVERNING LAW
    It is agreed that this agreement shall be governed and enforced in accordance with the laws of the State
    of ________________________.
    PART VIII.
    BROKERS COVENANTS
    1. Broker acknowledges receipt of ________________ ($_____) intended to acquire the option.
    2. Broker further covenants to act as the client would with respect to negotiations dealing with
    _______________________________________________.

    3. Broker must maintain a record of all activities relevant to negotiations with


    ________________________________________ and to keep such records for __________ years after
    this agreement.
    In witness whereof, each party to this agreement has caused it to be executed at
    ____________________________________________________ (Location) on _____________ (Date).

    _________________________
    Signature

    _________________________
    Signature

    _____________________
    Date

    _____________________
    Date

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