Option agreement to purchase real property
This is a simple form of option agreement. The option may option agreement to purchase real property be exercised in relation to the whole of the land not part or parts of it. We have another template, Option Agreement, where the option is to be exercised after the option agreement to purchase real property has applied for and obtained a planning permission for development of the option agreement to purchase real property.
The grant of an option is not a straightforward transaction. Sellers and buyers should take legal advice before entering into such an agreement. Clause 2 provides for the buyer to have access to the property during the Option Period to carry out investigations and surveys.
Clause 3 sets out the mechanism for exercise of the option. These conditions are widely used in commercial property transactions and are similar to the Standard Conditions of Sale used for residential option agreement to purchase real property.
A copy of the Standard Conditions is available from the Oyez legal stationers website. Unfortunately we are not able to supply the Standard Conditions. Clause 7 deals with notices to be entered on the registered title of the property at the Land Registry.
This Simple Option Agreement needs to be signed by each party at the end. The seller and buyer may sign the same copy or one copy each. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document. This document is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
You will be asked what you want to do with the file. It is recommended that you save the document to a location of your choice prior to viewing. Option to Purchase Land Call Option. Simple Option Agreement for Purchase of Land.
Clause 6 covers completion of the sale and purchase of the property Clause 7 deals with notices to be entered on the registered title of the property at the Land Registry. Clauses 8 and 9 cover VAT and other standard legal matters.
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