Property option agreements

The law says simply that an agreement to buy real property must be: in writing; signed by both parties; dated; and must identify the land being bought. It is this last point that catches people out when they create property option agreements. Too often boundaries, rights of retention and other matters are not defined in sufficient detail. We offer several variants on a option agreement that provide solid frameworks around which you can negotiate your deal.

    Templates

    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.

    Option to buy land and property: simple

    This is a simple option agreement that creates a right to buy real property at a set price within a certain time period. It is easy to use, designed specifically for situations where the other party is likely to be less confident in dealing with complicated "legal" matters.

    Option to buy land and property: in multiple phases

    This is a comprehensive option agreement that provides for the option holder to buy the land (or any real estate) in a number of phases, as his development proceeds. This gives the buyer a cash flow advantage. The document covers conveyancing requirements thoroughly.

    Option to buy land and property: additional price

    This option agreement includes provision for the exercise price to be paid in stages as the buyer's development proceeds. This enables the seller to share in any uplift in valuation between the date of the grant of the option and the (later) exercise date. This sale contract is based on the usual commercial property conditions approved by the Real Estate Association.

    Option to buy land and property: extension of term subject to conditions

    This option agreement provides for extending the exercise term subject to any condition you require, such as a delay in a local government decision to upgrade a road, for an additional consideration. It is suitable for deals in any type of land or property. It is a comprehensive version that covers conveyancing requirements thoroughly, and is based on the usual commercial property conditions approved by the Real Estate Association.

    Option to buy land and property: extension of term for a fixed length of time

    This option agreement builds on our standard agreement by including paragraphs allowing the buyer of the option to extend the term of the option for a fixed length of time at a later date in return for an additional payment to the seller. It is therefore useful in situations where timing is uncertain. The agreement is written in plain English.

    Conditional contract: property sale

    This is a conditional contract - the entire deal is under contract and both sides are bound - subject only to one or more conditions being met. The most usual condition is a grant of planning permission.

    How our service works
    Edit your document
    Edit Your Document
    Download your document & complete it at your own pace. Our guidance notes explain what to consider and how to edit.
    Upload for legal reviews
    Upload for Legal Review
    Let our legal team check that the document does what you intend.
    Print, Date & sign
    Print, Date & Sign
    Signing the document makes it legally binding.
    watertight guarantee
    Backed by our watertight guarantee

    If the document isn’t right for your circumstances for any reason, just tell us and we’ll refund you in full immediately.

    writing in plain english
    Written in plain English

    We avoid legal terminology unless necessary. Plain English makes our documents easy to understand, easy to edit and more liklely to be accepted.

    Notes
    Guidance notes included

    You don’t need legal knowledge to use our documents. We explain what to edit and how in the guidance notes included at the end of the document.

    email
    Support from our legal team

    We offer free support by email in respect of editing the document. You can also use our Document Review Service if you want to our legal team to check that the document will do as you intend.

    Update
    Up to date with the latest law

    Our documents comply with the latest relevant law. Our lawyers regularly review how new law affects each document in our library.

    CanadaCanada (Change)
    © 2000 - 2022 Net Lawman Limited.
    All rights reserved