Exercise of Option Notice Template
What is an Exercise of Option Notice?
A legal document or agreement which an original owner sent to the new owner who confirms the purchase of the property is known as Exercise of Option Notice. It clearly declares that now the new owner has all the authorities regarding the assets and he can now sell or trade this property to whom he wants and can use it the way he wants.
Golden Opportunity for Tenants:
If your landlord offers you a golden opportunity to purchase the property before taking it into the market, then undoubtedly, you are the damn lucky tenant. This formal notice named as the Exercise of Option Notice would be sent to you if you show the positive response for purchasing the property.
If you are living on a leasing property then it is a bliss to buy this property from the owner. An exercise of option notice is quite mandatory in this regard. The owner of the property will send you this notice in order to confirm you about your authorization to the property.
Authority to sell or trade:
An agreement known as Option Agreement is signed by the seller and buyer when the person buys options of stock and shares from the seller. According to this agreement, the buyer is unable to sell or trade the option. But, he can get the option to trade or sell after a specific time which is defined in the agreement. When such specified time is passed, then the buyers can exercise the options such as trade or sell. This permission is granted to the buyer by the previous owner when he sends the Exercise of Options Notice to the buyer.
When a person purchases a property from the owner then they have to sign a document known as a bill of sale which contains time and price as key elements. After paying that price the new owner gets all the rights of the property. It is the legal obligation of the previous owner to inform the current owner that he has now got the right to sell or trade the property as per his wish.