Option to Purchase Agreement Path

[Chris Davidson]

Quick back story I have a couple of units in TN in a building with an HOA that is going to have a larger assessment for some work to be completed. One of the other owners is looking to sell next year and I have talked to them about buying their unit. I wanted to present them with an Option contract to purchase their property for an agreed price with the option premium being the assessment amount.

However, have not done this before and looking for advice on how to do this properly. Final details the purchase will not be financed and will be purchased through an LLC.

Thanks in advance.