Commonly used with (contract types):

Asset Purchase Agreement: A buyer that purchases specific assets commonly owned by a business.
Assignment Agreement: A buyer (assignor) secures the right to purchase property and transfers such right to another party or entity.
Lease-Purchase Agreement: A tenant has a lease with the landlord and is obligated to purchase the property, under negotiated terms, at the end of the lease.
Option to Purchase Agreement: Between a potential buyer, who has the exclusive right but is not obligated, to purchase property from a seller.
Purchase and Sale Agreement (PSA): If a condition of a purchase contract requires the buyer to give notice as part of the conditions of sale.
Rent-to-Own Agreement: A tenant who has the option to purchase property under a lease agreement.
Right of First Offer (ROFO): A seller must offer an opportunity to purchase property before third parties can bid.
Right of First Refusal (ROFR): An opportunity a seller grants to match the offer on a property made by a third party.
Seller Financing Agreement: A buyer seeking financing from the seller to purchase a property.

Sample

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Date: [DATE]

To:

[SELLER’S FULL NAME]
[SELLER’S ADDRESS]
[SELLER’S CITY, STATE, ZIP]

From:

[BUYER’S FULL NAME]
[BUYER’S ADDRESS]
[BUYER’S CITY, STATE, ZIP]

RE: Exercise of Option to Purchase Property

Dear [SELLER’S FULL NAME],

I am writing to formally inform you and give official notice to exercise my option to purchase the following property:

[PROPERTY DESCRIPTION]

This option is pursuant to the agreement dated [DATE], which grants me the right to purchase the aforementioned property under the following terms:

I am prepared to proceed with the next steps of this process, which may include converting the purchase terms into a legally binding contract.

Please confirm receipt of this notice at your earliest convenience. My contact details are below:

Sincerely,

_____________________________