Dallas Thompson

 785 Tucker Road Suite G, 

Tehachapi, Ca 93561

661-742-2426

email: dallasth@earthlink.net

Option to Purchase Real Estate (Sample)


This Agreement entered into on the __th day of ________ 2008 by and between, _____________________________________________________
and ________________________________, herein after referred to as the “Optionees,” and Dallas Thompson, Herein after referred to as the “Optionor.”
1. OPTONED PROPERTY: Optionor, in consideration , of the payment of an option fee under this Option Agreement, and rents paid and faithful performance of Optionee under a Rental Agreement entered into between the parties on this date, and by reference made a part of this Agreement, hereby grants to Optionee the right and option to purchase the premises below on or before the termination of the Rental Agreement entered into this date for the terms and subject to the covenants and conditions hereinafter set forth, the following described property: ________________________________________ AKA Lot #____, Tract _____, County of _________, _______________, Ca. Together with all improvements thereon, all privileges, appurtenances, easements and all fixtures, presently situated in said building.
2. TERM: The term of this Agreement shall be 12 months beginning on the . . . day of
. . . . . . . . . . . . 2008 and ending on the . . . . . day of . . . . . . . . . 2009.
3. OPTION FEE: Optionee agrees to pay $10,000.00 as a NON-REFUNDABLE FEE, as consideration for the Optionor to grant the Option to Optionee to purchase the above premises. Simultaneous with the execution of this Option Agreement the Optionee shall deposit the sum of $________($1,500 first month rent + $1,520.00 cleaning deposit). If the Optionee maintains the premises in accordance with the rental agreement by and between the Optionor and Optionee, and pays the monthly rent on or before the first day of each month the optionee will receive a $1,500.00 discount each month up to and including the sixth month from the inception date shall be credited toward the purchase price. Should Optionee exercise their Option to Purchase anytime up to and including the sixth month after this inception date their total credit toward the purchase price shall not exceed $19,000.00; which consist of: $1,520.00 ($10,000.00 Option Fee + $1,520.00 Cleaning Deposit) plus their (Optionee) six (6) month’s rent of $1,500.00 for a total credit toward their purchase price of $19,000.00.
4. OPTION PRICE: The option price of the Property shall be determined as follows:
The base price shall be $340,000.00 at the inception of this Option to Purchase Real Estate Contract. Each month after the inception date of the agreement, the Option Price will increase $700.00 until and including the sixth month after this inception date for a maximum Option Price of $344,200.00.
The Option Fee shall be refunded to the Optionee to be used only as a down payment upon the purchase of the Property, as said before the Option Fee is NON-REFUNDABLE in the event that Optionee does not exercise their Option and purchase the Property.
After the first six (6) months of this Agreement, Optionee has the option for the next six (6) months to purchase at the same price ($344,200.00) and still use their maximum credit toward the sale price as their down payment ($19,000.00) with no further allowances or credit from the last six (6) months of this Agreement. $1,500.00 rent per month to increase to $2,300.00 per month the last six months of this Agreement. The maximum amount that can be credited toward the purchase price up to and including one year after the inception of this agreement, is $19,020.00 upon the execution of the Purchase Agreement of this property by the Optionee.
5. REPAIRS AND MAINTENANCE: Optionee agrees to maintain the lawn, remove snow, repair and/or replace any and all facilities related to the premises, to provide ordinary and customary preventive maintenance, and to maintain the building in good to excellent condition throughout the Term of this Agreement. This includes all walks, drives, electrical, plumbing, bath and kitchen fixtures, appliances, roofing, painting, lawn, landscaping and all exterior and interior items or work required.
Optionee may only make improvements or modifications to the property upon written approval of the Optionor. Any unapproved improvement or modifications to the property must be removed at Optionee expense within seven (7) days of written notice to Optionee by Optionor.
6. TERMS OF THE OPTION: Provided the Optionee has fully paid all the sums due and has performed all other covenants under the agreement's and has paid the full Option Price in Paragraph 4, the Optionee may exercise the option to purchase by giving the Optionor written notice of their intention to exercise the Option to Purchase. Upon exercise, the Optionee will arrange their own financing and pay all closing costs connected with the transfer of the property and obtaining the loan, so that the sale can be completed in sixty (60) days of the exercise of the option. Optionor agrees to deliver a good and sufficient General Warranty Deed conveying a marketable title to said property to the Optionee.
7. RIGHT TO SUBLEASE OR ASSIGN: Optionor and Optionee agree that Optionee shall not have the right to sublease or assign the property and enter into a separate sublease or assignment agreement.
8. BINDING EFFECT: This Option and the agreements contained herein shall be binding upon inure to the benefit of heirs, executors, administrators, successors and assigns of the respective parties.
9. DISCLOSURES: Optionee acknowledges receipt of the "Residential Property disclosure" statement, the EPA "Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards" statement, and the EPA "Protect Your Family From Lead In Your Home" and understands the contents.
10. MISCELLANEOUS: Optionee agrees that they have examined the title to the Property and found no errors in the title and hereby accepts all assessments and encumbrances upon the property.
11. APPLICABLE LAW: This agreement shall be interpreted according to the Laws of the State of California.


IN WITNESS WHEREOF, Optionor and Optionee have executed this Agreement on the . . . . . . day of . . . . . . . . . . 2008.


______________________________________________________________
Dallas Thompson, OPTIONOR                                                          Date

______________________________________________________________
OPTIONEE                                                                                              Date

______________________________________________________________

________________________________________________________________________________________________________________________

Sample Lease Agreement

Dallas Thompson

785 Tucker Rd Suite G

Tehachapi, Ca 93561

email: dallasth@earthlink.net

Residential Lease Agreement

This Lease Agreement ("Lease") dated on the ...  day of _______, 2008 by and between and ,  ______________________, hereinafter referred to as the "Tenants", and_______, Seller,  Hereinafter referred to as the "Landlord". The parties agree as follows:

PREMISES.

Landlord, in consideration of the lease payments provided in this Lease, leases to Tenant________________________________   (the "Premises") located  _______________________________.  LEGAL DESCRIPTION:  The legal description for the premises is:   Lot  #____ Tract _____, County of ____________  ________________, California.TERM:  The lease term will begin on  March ___ 2008 and will terminate on  March ___, 2009.

Lease Payments:  Tenant shall pay to the landlord  lease payments of  $_________, payable in advance on the first day of each month the first six (6) months.  The last six (6) months (from the inception of this Lease Agreement) the rent shall be $________ per month .  Lease payments shall be made to the Landlord at 785 Tucker Road, Suite G, Tehachapi, California 93561, which address may be changed from time to time by the Landlord.SECURITY DEPOSIT.   At the time of the signing of this Lease, Tenant shall pay to Landlord, in trust, a non-refundable security deposit of  $_________ to be held and disbursed for Tenant damages to the Premises or other defaults under this Agreement (if any) as provided by law.

USE OF PREMISES/ABSENCES. Tenant shall occupy and use the Premises as a dwelling unit. Tenant shall notify Landlord of any anticipated extended absence from the Premises not later than the first day of the extended absence.

Furnishing:  The following furnishing will be provided by the Landlord: _____________ Tenant shall return all such items at the end of the lease term in good condition as good as the condition at the beginning of the lease term, normal wear and tear excepted.

Property Insurance:  Landlord and Tenant shall each be responsible to maintain appropriate insurance for their respective interests in the Premises and property located on the Premises.

Renewal Terms: This lease may be renewed for an additional period of 30 days  (after the first year from inception of this Lease) unless either party gives written notice of termination no later than 20 days prior to the end of the term or renewal term.  The extended Lease terms and conditions shall be the same as those contained in the existing Lease Agreement except that the lease installment shall be $____________ per month.

KEYS:  The Tenant will be given 2 keys to the Premises and 1 mailbox key. 

LOCKOUT:  If Tenant becomes locked out of the Premises, Tenant will be responsible to regain entry.

MAINTENANCE.  Tenant shall have the responsibility to maintain the premises in good repair at all times and repairs necessary to satisfy any implied warranty of habitability.

UTILITIES AND SERVICES. Tenants shall be responsible for all utilities and services incurred in connection with the Premises.

TAXES. Taxes attributable to the Premises or the use of the Premises shall be allocated as follows:

REAL ESTATE TAXES.  Tenant shall pay pro rata all real estate taxes and assessments for the Premises if Lease is terminated within the first year.

PERSONAL TAXES. Tenant shall pay all personal taxes and any other charges which may be levied against the Premises and which are attributable to Tenant's use of the Premises, along with all sales and/or use taxes (if any) that may be due in connection with lease payments.

TERMINATION UPON SALE OF PREMISES:  Notwithstanding any other provision of this Lease, Landlord may terminate this Lease upon 30 day’s written notice to Tenant that the Premises has been sold.Tenant shall give Landlord immediate notice of any damages to the Premises.

HABITABILITY:  Tenant has inspected the Premises and fixtures (or has had the Premises inspected on behalf of Tenant), and acknowledges that the Premises are in a reasonable and acceptable condition of habitability for their intended use, and the agreed lease payments are fair and reasonable. If the condition changes so that, in Tenant's  opinion, the habitability and rental value of the Premises are adversely affected, Tenant shall promptly provide reasonable WRITTEN notice  to Landlord.

DESTRUCTION OR CONDEMNATION OF PREMISES: If the premises are partially destroyed by fire or other casualty to an extent that prevents the conducting of Tenant's use of the Premises in a normal manner, and if the damage is reasonably repairable within sixty days after the occurrence of the destruction, and if the cost of repair is less than $500.00 , Landlord shall repair the Premises and a just portion of the Lease payments shall abate during the period of the repair according to the extent to which the Premises have been rendered un-tenantable.However, if the damage is not repairable within 60 days, or if the cost of repair is $500.00 or more, or Landlord is prevented from repairing the damage by forces beyond Landlord’s control, or if the property is condemned, this Lease shall terminate upon twenty days’ written notice of such event or condition by either party and any unearned rent paid in advance by Tenant shall be apportioned and refunded to Tenant.nate 

DEFAULTS. Tenant shall be in default of this Lease if Tenant fails to fulfill any  lease obligation or term by which Tenant is bound. Subject to any governing provisions of law to the contrary, if Tenant fails to cure any financial obligation  within 5 days (or any other obligation within 10 days)  after  written  notice of such default is provided by Landlord to Tenant, Landlord may take possession of the Premises without further notice (to the extent permitted by law), and without prejudicing Landlord's rights to damages. In the alternative, Landlord may elect to cure any default and the cost of such action shall be added to Tenant's financial obligations under this Lease. Tenant shall pay all costs, damages, and expensattorney fees and expenses)  suffered by  landlord by Tenant under this Lease shall be additional rent, whether or not such sums or charges are designated  as "additionales including reasonable by reason of Tenant's defaults. All sums of money or charges required to be paid rent" The rights provided by this paragraph are cumulative in nature and are in addition to any other rights afforded by law.

LATE  PAYMENTS:  For any payment that is not paid within 5 days after the due date, Tenant shall pay a late fee of $100.00.

HOLDOVER.  If Tenant maintains possession of the Premises for any period after the termination of  this  Lease ("Holdover Period"), Tenant shall pay  to Landlord lease payments(s) during the Holdover Period at a rate equal to the normal payment rate set forth in the Renewal Terms paragraph.

Cumulative  Rights: The rights of the parties under this Lease are cumulative,  and shall not be construed as exclusive unless otherwise required by law.

NON-SUFFICIENT FUNDS:  Tenant shall be charged $45.00 for each check that is returned to Landlord for lack of sufficient funds.

NOTICE.  Notices under this Lease shall not be deemed valid unless given or served in writing and forwarded by mail, postage prepaid, addressed to the party at the appropriate address set forth below. Such addresses may be changed from time to time by either party by providing notice as set forth below. Notices mailed in accordance with these provisions shall be deemed received on the third day after posting.

Governing Law:  This Lease shall be construed in accordance with the laws of the state of California.

ENTIRE AGREEMENT/AMENDMENT.  This Lease Agreement contains the entire agreement of the parties and there are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Lease. This Lease may be modified or amended in writing, if the writing is signed by the party obligated under the amendment.

SEVERABILITY.  If any portion of this Lease shall be held to be invalid or uneremaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Lease is invalid uneforceable for any reason, the  unenforceable, but that by limiting such provision, it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.

WAIVER. The failure of either party to enforce any provisions of this Lease shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Lease.

BINDING EFFECT.  The provisions of this Lease shall be binding upon and inure to the benefit of both parties and their respective legal representatives, successors and assigns.

LANDLORD:

Dallas Thompson ____________________

__________________________             __________________________

Tenant              Date                                               Tenant                        Date

Contractor Agreement

Dallas Thompson

General Engineer "A," General Contractor "B,"

C29, C35 Contractor License #344256,

Cell: 661-742-2426 Fax: 661-823-0130

 www.dallasinvestments.net 
785 Tucker Road Suite G

 Tehachapi, California 93561

(Sample)

THIS AGREEMENT___ thday of April, 2008, by and between Dallas Thompson hereinafter called the Contractor, and

____________________________________________________________________hereinafter called theOwner.

WITNESSETH that the Contractor and the Owner for the considerations named agree as follows:

Article 1. Scope of the Work

The Contractor shall furnish all of the materials and perform all of the work shown in the Specifications entitled Exhibit A,or as noted on the county or city approved plans dated  as annexed hereto as it pertains to work to be performed onproperty at ______________________________________________________

Article 2. Time of Completion

The work to be performed under this Contract shall be commenced on or before _________ ___2008, and shall be substantially completed on or before _________ ___, 2008; notwithstanding delays caused by Acts of God, or weather. Time is of the essence. The Final Inspection and approval by the County of Kern Building Inspector constitutes completion of work pursuant to this proposal and contract completion.

Article 3. The Contract Price

The Owner shall pay the Contractor for the material and labor to be performed under the Contract the Cost to the Contractor plus ___% not to exceed $_______subject to additions and deductions pursuant to authorized change orders.  Preliminary Cost Estimates are $               plus engineering plans for a total estimated price of; $__________________.

Article 4. Progress Payments

Payments of the $40,000.00 Contract Price shall be paid in the following process: oPercentage Due:

  • 25% Due @ FoundationCompletion
  • 25% Due @ “Four Way Inspection and Approval” (Plumbing Top-Out, HVAC, Roof Nailing, Electrical)
  • 25% Due @ Exterior and Interior Painting Completed
  • 25% due upon Final Inspection by County and Approval

Article 5. General Provisions

Any alteration or deviation from the above specifications, including but not limited to any such alteration or deviation involving additional material and/or labor costs, will be executed only upon a written order for same, signed by Owner and Contractor, and if there is any charge for such alteration or deviation, the additional charge will be added to the contract price of this Contract.

If payment is not made when due, Contractor may suspend work on the job until such time as all payments due have been made. A failure to make payment for a period in excess of 30 days from the due date of the payment shall be deemed a material breach of this Contract.

In addition, the following general provisions apply:

  1. All work shall be completed in a workmanlike manner and in compliance with all building codes and other applicable laws.
  2. The Contractor shall furnish a plan and scale drawing showing the shape, size dimensions, and construction and equipment specifications for activities that the Contractor has been duly licensed to perform by the State of California; a description of the work to be done and description of the materials to be used and the equipment to be used or installed, and the agreed consideration for the work.
  3. To the extent required by law all work shall be performed by individuals duly licensed and authorized by law to perform said work.
  4. Contractor may at its discretion engage subcontractors to perform work hereunder, provided Contractor shall fully pay said subcontractor and in all instances remain responsible for the proper completion of this Contract.
  5. Contractor shall furnish Owner appropriate releases or waivers of lien for all work performed or materials provided at the time the next periodic payment shall be due.
  6. All change orders shall be in writing and signed both by Owner and Contractor, and shall be incorporated in, and become a part of the Contract.
  7. Contractor shall at its own expense obtain all permits necessary for the work to be performed.
  8. Contractor agrees to remove all debris and leave the premises in broom clean condition.
  9. In the event Owner shall fail to pay any periodic or installment payment due hereunder, Contractor may cease work without breach pending payment or resolution of any dispute.
  10. All disputes hereunder shall be resolved by binding arbitration in accordance with rules of the American Arbitration Association.
  11. Contractor shall not be liable for any delay due to circumstances beyond its control including strikes, casualty or general unavailability of materials.
  12. Contractor warrants all work for a period of 12 months following completion.

Article 6. Indemnification

To the fullest extent permitted by law, the Contractor shall indemnify, defend and hold harmless the owner and its agents and employees, from and against claims, damages, losses and expenses, including but not limited to attorney's fees, arising out of or resulting from performance of the work or providing of materials to the extent caused in whole or in part by negligent or wrongful acts or omissions of, or a breach of this agreement by, the Contractor, a subcontractor, anyone directly or indirectly employed by them or anyone whose acts they are legally responsible for.

Article 7. Insurance

The Contractor represents that it has purchased and agrees that it will keep in force for the duration of the performance of the work or for such longer term as may be required by this agreement, in a company or companies lawfully authorized to do business in the State of California, such insurance as will protect owner from claims for loss or injury, which might arise out of or result from the Contractor's operations under this project, whether such operations be by the Contractor or by a subcontractor or its subcontractors.

The Contractor represents and agrees that said insurance is written for and shall be maintained in an amount not less than the limits of the liability specified below or required by law, whichever coverage is greater.

Article 8. Signature Agreement

 Name of Owner:_____________________________________

Signature of Owner(s): __________________       ___________________________  

Address _____________________________________

Telephone: Home: ______________

Name of Contractor: Dallas Thompson

Signature of Contractor:

Dallas Thompson.__________________________________________

California Contractor’s License #344256

Street Address:

785 Tucker Road Suite G

Tehachapi, California 93561

Cell Telephone: 661-742-2426

Fax# 661-823-0130