For this assignment you’ll be given a real-world scenario and you’ll have to prepare an Option to Purchase Land. Again this is the sort of task you might actually do at a law firm.
Real-World ScenarioYour attorney is rushing off to a meeting and has to have an Option to Purchase Land prepared to present to a client first thing in the morning. She has asked you to draft a new Option to Purchase Land document.
In the file is a description of the land that states that a certain parcel of land located at 835 S. Bridle Road Jackson Wyoming Cook County consisting of 15.34 acres of undeveloped land. The file also contains the terms which is a down payment deposit of $24000 on signing the option and $275000 at closing. The deposit will be held in escrow and the contract is pursuant to Wyoming law.
Legal DescriptionLots 6 7 and the South of Lot 3 West 60 feet of South of Lot 4 West 60 feet of Lot 5 and Lot 8 Block 20 Jackson Cook County Wyoming.
The clients name on the file is WHM Developers. They are the purchasers. The sellers are Mary and William Johnson. The property will be conveyed by general warranty deed. If either party fails to perform then they will pay all costs incurred on both sides. The deposit is refunded if the seller fails to perform under the terms of the contract. The seller has 7 days after acceptance to deliver title insurance commitment.
The closing date and date that the deed will be delivered will be 30 days from todays date. All taxes and premiums will be prorated as of the closing date.
The seller has marketable title but the buyer has 5 days from receipt of title commitment and survey to notify the seller of any title defect. The seller has 7 days to cure such defects at sellers expense but this shall not modify or change the closing date. If the seller is unable to convey marketable title the buyer can terminate the agreement and be refunded the deposit. The buyer will not accept less than marketable title.
You should include standard loss or damage and default and attorney fee provisions. The property will be delivered as is and there are no occupancy zoning and maintenance issues in this case since the land is undeveloped and zoned appropriately.
Search the Internet for examples of an Option to Purchase Land or Option to Purchase. Use the examples you found as a starting point and draft a new Option to Purchase Land based upon the facts presented.
You may want to include the following areasin your Option to Purchase Land:
Total Purchase Price
Payment of Expenses
Title Examination and Time for Closing
Loss or Damage
What will the Seller agrees to deliver?
Default and Attorney Fees
Zoning and Restrictions
Are there any other agreements promises or understandings?
1. Search the Internet for examples of Option to Purchase Land or Option to Purchase.
2. Using Microsoft Word prepare an Option to Purchase Land based on the facts of this scenario.
o Use the examples you found as guides only.Do not just copy the examples. Use your own words. Be creative.
o Fully complete the Option to Purchase Land with all of the necessary contractual agreements.
o At the bottom of the contract please copy and paste any web sites you used tohelp you create your Option to Purchase Land
3. By this Sunday 11:59 PM (Mountain) submit the completed Option to Purchase Land.
Check out theRubricto find out how you will be evaluated.