Option to Purchase Package - Oklahoma 2026

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  1. Click ‘Get Form’ to open the Option to Purchase Package in the editor.
  2. Begin with the 'Option to Purchase Addendum to Residential Lease' form. Fill in the lessor and lessee details, ensuring you specify the property address and lease term.
  3. Next, complete the 'Residential Lease Agreement' by entering rental terms, including monthly rent and property usage restrictions.
  4. For each option form (residential lot, home, commercial lot, etc.), input the agreed purchase price and any specific terms related to option money and exercise procedures.
  5. Review all fields for accuracy. Utilize our platform's features to save your progress or make edits as needed before finalizing.

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Unlike a right of first offer (ROFO) or a right of first negotiation (ROFN), a ROFR requires a seller to actually offer the exact deal requested by an interested third party buyer to the holder of the ROFR a very powerful option to have in MA scenarios.
An option to purchase real estate is a contract by which an owner of real estate agrees with another person that the latter shall have the privilege of buying the property at a specified price within a specified time. However, no obligation to purchase is imposed upon the person to whom the option is given.
By choosing a right of first refusal versus an option, the owner of the property has more control over the sale of their property, whereas with an option the holder can force the sale at will.
Options may also be issued initially to both existing shareholders and non-shareholders while rights can only be issued initially to existing shareholders. Exchange traded options are types of options that are not created by the company but by independent third parties and are traded on the stock exchange.
Rent/lease to own, or contract for deed, agreements are housing contracts in Oklahoma. These contracts are seen as constructive mortgages, which are not actual mortgages, but can be just as binding. They are attractive to home buyers who may not qualify for a traditional mortgage or have been denied in the past.

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A right of first refusal is a serious detriment to the value and marketability of property and often leads to litigation. In most situations you should avoid granting rights of first refusal if at all possible.
By choosing a right of first refusal versus an option, the owner of the property has more control over the sale of their property, whereas with an option the holder can force the sale at will. With a Right of First Refusal, the holder must wait until the owner decides to sell the property.
There are a variety of scenarios where a lease-purchase option makes sense, including attempting to secure a property at a specific price; the possibility of a portions of payments being used to acquire equity before outright purchase; and to deal with uncertainty in a work situation where the buyer might be

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