Option to buy land and property
Key features
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- Length:11 pages (2700 words)
- Available in:
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About this option agreement
This option agreement is for a single deal where the buyer may exercise the option in phases. It is designed for any situation where the buyer may achieve a substantial increase in land value but only in stages - for example, a phased development of a residential site.
The effect of phasing the deal in this way is that the land owner receives his proportion of the full value but the buyer can work piece by piece. This deal allows each party to maximise his share. To make it work, the area and location of each proposed phase must be identified on a plan.
This document is suitable for buying any type of real estate, from agricultural land to derelict warehouses.
This option agreement includes the usual commercial property conditions approved by the Real Estate Association.
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.
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
Property options are an area of law in which Net Lawman specialises. 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 any type of real estate
- Includes an exercise letter template
- User friendly: includes invaluable user notes to guide you
Agreement contents
- Definitions and interpretation
- Property and option details
- The essence of the agreement
- Easements and reservations
- Sellers warranties covering usual preliminary enquiries
- Buyers warranties as to action he promises to take to enhance value
- A director’s guarantee, in case the seller is a company
- Confidentiality
- Indemnities
- Assignment of the agreement
- limitation of action by seller if buyer defaults
- Various other legal matters
- A separate notice letter to exercise the option
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