An option to purchase real estate may be registered by registering a memorandum thereof which shall set forth:
(1) The names of the parties thereto;
(2) A description of the property which is subject to the option;
(3) The expiration date of the option;
(4) Reference sufficient to identify the complete agreement between the parties.
Such a memorandum may be in substantially the following form:
In consideration of , the receipt__________________________________________________
(Set out consideration)
of which is hereby acknowledged, __________________________________________________
(Name and address of person selling option)
does hereby give and grant to _____________________________________________________
(Name and address of person buying option)
the right and option to purchase the following property:
(Here describe property)
This option shall expire on the ________ day of ________________, ______.
The provisions set forth in a written option agreement between the parties dated the ________ day of _______________, _______, are hereby incorporated in this memorandum.
Witness our hand(s) and seal(s) this _______ day of ______________, ______