Pecan-Option-to-Purchase-Real-Estate - Option Agreement for Purchase of Real Property

Sep 16, 2026

Option agreement defining the exclusive right to purchase a specific real property located at 1437-1439 Pecan Ave., Charlotte, North Carolina. The agreement sets key dates and terms including the Execution Date, Option Fee of $3,000, the 180-day Option Term, and the procedure for exercising the option. It specifies closing obligations, purchase price determination based on the lower of $300,000 or appraised value, allocations of closing costs, and remedies for default. It also grants the buyer inspection, testing, and document review rights during the option period.

LanguageEnglish

CategoryLetters

FormatPDF

Pages4

Reading Time2 min

AccessFree to download

Definitions

Grant of Option

Payment of Option Fee

Exercise of Option

Contract for Purchase & Sale of Real Property

Purchase Price

Closing Costs

Default and Remedies

Property Investigation

OPTION AGREEMENT FOR PURCHASE OF REAL PROPERTY THIS OPTION AGREEMENT ("Agreement") made and entered into this day of , , 2018, by and between Barbara H. Hashemloo, whose principal address is 4300 Bridgewood Ln., Charlotte, NC 28226, hereinafter referred to as “Seller” and Charlotte Mecklenburg Historic Landmarks Commission, whose principal address is 2100 Randolph Road, Charlotte, North Carolina, 28207, and Assigns, hereinafter referred to as “HLC”. WITNE S S ETH : WHEREAS, Seller is the fee simple owner of certain real property being, lying and situated in the County of Mecklenburg, NC, such real property having the street address of 1437-1439 Pecan Ave., Charlotte, NC,(“Premises”) and such property being more particularly described as follows: BEING all of Lot 20, in Block 28, as shown upon the map of the property of the Oakhurst Land Company recorded in Map Book 3, at Pages 2 and 3, in the Mecklenburg Public Registry WHEREAS, HLC desires to procure an option to purchase the Premises upon the terms and provisions as hereinafter set forth; NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged by the parties hereto and for the mutual covenants contained herein, and other good and valuable consideration, Seller and HLC hereby agree as follows: 1. DEFINITIONS. For the purposes of this Agreement, the following terms shall have the following meanings: “Execution Date” shall mean the day upon which the last party to this Agreement shall duly execute this Agreement; “Option Fee” shall mean the total sum of a down payment of Three Thousand and 00/100 Dollars,($3,000.00); “Option Term” shall mean that period of time commencing on the Execution Date and ending on at 5:00 pm on the 180th day following the Execution Date; “Option Exercise Date” shall mean that date, within the Option Term, upon which the HLC shall send its written notice to Seller exercising its Option to Purchase; “Closing Date” shall mean the Settlement Date as set forth in an Offer to Purchase and Contract submitted to Seller at the time of HLC sending its notice to Seller exercising its Option to Purchase. 2. GRANT OF OPTION. For and in consideration of the Option Fee payable to Seller as set forth herein, Seller does hereby grant to HLC the exclusive right and Option (“Option”) to purchase the premises upon the terms and conditions as set forth herein. 3. PAYMENT OF OPTION FEE . HLC agrees to pay the Seller the Option Fee upon the Execution Date. 4. EXERCISE OF OPTION. HLC may exercise its exclusive right to purchase the Premises pursuant to the Option, at any time during the Option Term, by giving written notice thereof to Seller. As provided for above, the date of sending of said notice shall be the Option Exercise Date. In the event the HLC does not exercise its exclusive right to purchase the Premises granted by the Option during the Option Term, Seller shall be entitled to retain the Option Fee, and this agreement shall become absolutely null and void and neither party hereto shall have any other liability, obligation or duty herein under or pursuant to this Agreement. 5. CONTRACT FOR PURCHASE & SALE OF REAL PROPERTY. In the event that the HLC exercises its exclusive Option as provided for in the preceding paragraph, Seller agrees to sell and HLC agrees to buy the Premises and both parties agree to execute a contract for such purchase and sale of the Premises in accordance with the following terms and conditions: a . Purchase Price. The purchase price for the Premises shall be the lower of Three Hundred Thousand and 00/100 Dollars,($300,000 .00) or the appraised value as obtained by HLC. HLC shall receive a credit toward such purchase price in the amount of the Option Fee; b. Closing Costs. Seller shall pay for preparation of a deed and all other documents necessary to perform Seller’s obligations under the Offer to Purchase and Contract, and for stat

FAQs

What property is covered by the option agreement?

The agreement covers the premises at 1437-1439 Pecan Ave., Charlotte, NC, specifically described as all of Lot 20 in Block 28 per the referenced Oakhurst Land Company map record.

How does the buyer exercise the option?

The buyer (HLC) may exercise the exclusive right at any time during the Option Term by sending written notice to the seller. The notice-sending date becomes the Option Exercise Date.

What happens if HLC does not exercise the option or fails to close?

If HLC does not exercise during the Option Term, the seller may retain the Option Fee and the agreement becomes null and void. If HLC fails to proceed after exercise, seller can retain the Option Fee as liquidated damages with no further recourse.

Sep 16, 2026

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