This is a comprehensive agreement that gives one side an option to purchase real property - land or buildings - in a straight forward deal where the price and the exercise date are both fixed. The document incorporates a specially edited version of the Law Society Commercial Conditions (3rd edition) of Sale.
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This is a straightforward "vanilla" contract to buy real property for a fixed price at a future date. There are no extensions or peripheral conditions, uplifts or other special features.
This version provides a high level of legal protection, incorporating the Law Society's Standard Commercial Conditions (3rd edition). 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 simpler agreement that contains fewer legal provisions.
Acquiring an option to purchase land or buildings for development, rather than buying outright, allows a buyer to minimise risk, whilst at the same time providing the seller with a payment regardless of whether the buyer exercises his or her option. It can help incentivise a land 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 for any reason.
These might include:
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.
We have other agreements for non-standard deals. You can find our complete range of templates here.
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