The purpose of this Memorandum of Understanding for Real Estate Option, entered into on this ninth day of July 2005, is to register and announce a real estate option agreement between Donald S. Reed, a single man, as the holder of the option, in which the optionor, David Jones, a single man, grants the beneficiary of the option the exclusive, unlimited and irrevocable right and option to purchase that particular property, which are: 45735 Hillsborough Avenue, Tampa, Florida 33603, and legally described as: Lots 47, 48 and 49 of the Carter Subdivision, according to the map or tray thereof, as recorded in Plat Book 69, page 89, of the Archives of Hillsborough County, Florida, signed between the Optionor and the Optionee on the ninth day of July 2005 and which will expire on July 8 at 12:01 p.m. a.m., 2006.M. Jones exercised the Real Estate Option Notice. A copy of the notice must also be sent to Mr. Bon to be sent. Finally, I strongly recommend that you include in your real estate option agreement a clause that allows you to register a real estate option memorandum 4. In the event that the real estate option is exercised, Mr. Reed or his assignees must send Copyright Thomas J. Lucier 2005. To customize this document, download it to your hard drive from the Thomas J. Lucier website in www.thomaslucier.com/optionforms.html. The document can then be opened, edited, and printed using Microsoft Word or another popular word processing application.
9. In the event that the option period expires without the option being exercised, Mr. Good must send Mr. Jones the real estate purchase agreement and the security deed within twenty-four hours of the expiry date. Agreement, such as the sample on page 183, in the public record of the county where the deed of ownership is registered under option. I recommend including a memorandum instead of the actual real estate option agreement, as the terms of the agreement must remain confidential. There`s no reason to tell your competitors what you`re doing. When I was young and stupid, I learned the hard way not to include an option memorandum in the public record. Land on which I had an option was condemned by a major action by the Florida Department of Transportation as part of a road widening project.
But because I hadn`t included an option memorandum in the public records of the county where the property was located, the state of Florida had no way of knowing that I had an option on the property, and I was never informed. However, if I had registered an option memorandum, I would have been informed by the State of Florida and I could have exercised my option, bought the property and left with a good salary! Instead, I learned about the eminent domain procedure after my option expired. . FORM 17.2 Model Memorandum of Land Option Agreement The option persons/buyers agree that Mr. John B. Good, an attorney whose law firm is located at 6907 Charleston Court, Tampa, Florida 33607, may hold in trust the following documents for the period from July 9, 2005 to 12:01 p.m p.m. on July 8, 2006 at 12:01 p.m.: 6.M. Reed or its assignees must provide Mr. Good with a bank check in U.S. currency, which will be drawn at a local bank and made payable to Mr. Jones in the amount set forth in the real estate purchase agreement, less the seller`s closing costs and any additional adjustments or actions.
On this ninth day of July 2005, Robert D. Jones acted as optionor/seller and Donald S. Reed as WITNESS OF WHAT, optionor/seller and option holder/buyer set the above date. 2. In the event that the real estate option agreement is assigned to a third party, Mr. Reed must each send Mr. Jones and Mr. Good a copy of the real estate option assignment agreement and the full legal name and postal address of the transferee. 1. All notices to Mr. Jones, Mr.
Reed and Mr. Good must be sent by certified mail from the United States Postal Service, acknowledgment of receipt requested. 7.M. Reed or his assignees will receive the security deed deposited in trust by Mr. Good. 5.M. Reed or his assignees must perform the contract for the sale of immovable property concluded by Mr. Good on a fiduciary basis by certifying his signature as a buyer and by noting it. FORM 17.1 Model Joint Trust Instructions (continued) The above documents will be held in trust by Mr.
Good in accordance with the following Joint Trust Instructions: 8.M. Good must provide Mr. Jones with his paycheque and copies of the HUD 1 statement of account and the guarantee certificate within twenty-four hours of closing the transaction. . . .