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.
Property option agreements
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.
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