Option to buy land and property: standard

This is a comprehensive option agreement to buy real property - land or buildings - in a straight forward deal with no "bells and whistles". The price is fixed. The exercise date is fixed. There is no scope for argument. Comprehensive sale contract is based on the usual commercial property conditions approved by the Real Estate Association.

Suitable for use in: AB, BC, MB, ON and SK
Price C$49.00
  • Solicitor approved
  • Plain English makes editing easy
  • Guidance notes included
  • Money back guarantee
About
Why from us
Ask a question
Customer reviews

About this agreement

This is a straightforward "vanilla" option agreement to real property for a fixed price at a future date. There are no extensions or peripheral conditions, uplifts or other special features. The deal is simple.

However, this version provides a high level of legal protection. It creates a full contract for sale and purchase subject only to exercise of the option by the buyer. As many points of law and conveyancing matters are covered as is reasonably practical so as to minimise the chance of conflict.

If you are fearful that your buyer may be overwhelmed, then use a simple option agreement that contains fewer legal provisions.

When to use this option agreement

Using an option agreement to buy land or property for development allows a buyer to minimise risk, whilst at the same time providing the seller with a payment regardless of whether the buyer exercises the option. It can help incentivise a property owner to cooperate in securing the future event the buyer is seeking and, depending on the sale price agreed, let the buyer purchase at a discount to future market value.

You can use this agreement on any occasion when you need to await some event. It could be simply planning approval, or it could be resolution of a dispute, grant of a licence relevant to this land, or simply an offer of financing.

This agreement can be used for securing an option on any type of land, and with a view to buying the property for any reason.

These might include:

  • house building
  • redevelopment of light industrial units
  • refurbishment of offices

The document also includes an exercise letter template, which can be used by a buyer to exercise the option before the expiry date stated within the agreement.

Alternative templates

We have other agreements for non-standard deals. You can find our complete range of templates at: Property option agreements.

Option agreement application and features

  • Sets out a clear and logical pathway for exercise of the option
  • All variables are clear and in one place
  • Suitable for a variety of land types and situations
  • Includes an exercise letter template
  • User friendly: includes invaluable user notes to guide you through to successful execution

Agreement contents

  • Carefully and simply defined terms
  • Buyers warranties
  • Sellers warranties as to the current planning status of the land
  • The essence of the agreement
  • Confidentiality
  • Indemnity by the seller
  • A director’s guarantee, in case the seller is a company
  • Seller must not take actions which might prejudice the buyer’s work
  • What the buyer may do and must do
  • Assignment
  • Limitation of buyer liability
  • A separate notice letter to exercise the option
Draftsman

This document was written by a solicitor for Net Lawman. It complies with current Canadian law.

What Our Clients Say
  • "I needed an Agreement and Google, as always, was where I headed. I found the Net Lawman site and initially I thought I needed a relationship type Agreement but the Lodger one was absolutely perfect.

    I didn't think it would be so easy so would recommend your website to anybody who was looking for an Agreement to suit their needs."

    Wendy Auger
  • "Net Lawman has helped me through several procedures. The documents in plain English, the drafting service and the delightful customer service means I can get the job done properly, at a price that doesn't affect a small businesses bottom line. Thank you!"

    Dan White
  • "Brilliant. I am most grateful to Net Lawman. Your service standard is unparallel. I would strongly recommend any individual or organisation to Net Lawman."

    Dr. Smarajit Roy