Option to buy land and property

Extension of term for a fixed length of time
Select support levelCompare
Recommended

Document overview

This option agreement builds on our standard agreement by providing for the option holder 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.This template mitigates against the risk that the future event that is expected to increase the value of the property doesn’t occur as quickly as originally envisaged. It is therefore useful in situations where timing is uncertain.
Compliant
Compliant with the latest law
Document propertied
Document properties
  • Length:12 pages (2960 words)
  • Available in:
    MsWordMicrosoft Word DOCXApple pagesApple PagesRTFRTF
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 likely 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

Email us with questions about editing your document. Use our Lawyer Assist service if you’d like our legal team to check your 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.

About this document

This agreement creates a call option where the developer buys the right to purchase the property at a given price within a certain period of time.

It also includes a provision for extension of the exercise period for a fixed length of time in return for an additional payment to the seller.

When to use this agreement

Using option agreements to buy land or buildings for development allows an agent or a developer to minimise risk, whilst at the same time providing the seller with a payment regardless of whether the developer exercises his or her right.

It can help incentivise a property owner to cooperate in securing the future event the developer is seeking and, depending on the sale price agreed, let the buyer purchase at a discount to future market value.

This document is likely to be used in situations where an event for which the option holder is waiting (such as grant of planning permission) could be delayed, and the holder wants to reduce the risk that his or her right to buy might end before the event.

You might use this agreement for buying land or buildings with a view to development before:

  • planning permission (or other licence) has been granted
  • finding a tenant
  • negotiating with a local authority for a change in status of a listed part
  • a land or building survey has been completed
  • financing has been secured

This agreement can be used for securing an option on any type of land and buildings, and with a view to buying the property for any reason.

Alternative templates

Net Lawman specialises in property option agreements. You can find our complete range of templates here.

Contents

  • Carefully and simply defined terms
  • Specific data on money and timing
  • Sellers warranties as to the current planning status of the land
  • Seller must not take actions that might prejudice the buyer’s work
  • The essence of the agreement - exercising the option
  • How the extension works
  • What the buyer may do and must do
  • That the agreement may be assigned by the buyer
  • A director’s guarantee, in case the seller is a company
  • Indemnities
  • Recourse against buyer is limited
  • A separate draft letter giving notice to exercise the option
Sample option to buy land and propertyFront cover

Choose the level of support you need

Document Only

Complete the document template yourself using our guidance notes
€29.00
  • ok This document
  • okDetailed guidance notes explaining how to edit each paragraph
Most Popular

Lawyer Assist

Support from our legal team during and after editing
203 Reviews
€179.00
  • ok This document
  • okDetailed guidance notes explaining how to edit each paragraph
  • okUnlimited email support - ask our legal team any question related to completing the document
  • ok
    Review of your edited document by our legal team including:
    • reporting on whether your changes comply with the law
    • answering your questions about how to word a new clause or achieve an outcome
    • checking that your use of defined terms is correct and consistent
    • correcting spelling mistakes
    • reformatting the document ready to sign
© 2000 - 2024 Net Lawman Limited.
All rights reserved