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.
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 ________________ ($_____) or less.
The client promises to pay the broker a commission of ________________ ($_____) or ________ percent for procurement of the stated option.
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.
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.
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
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.
It is agreed that this agreement shall be governed and enforced in accordance with the laws of the State of ________________________.
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).
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