About this agreement
Option agreements are unusual documents in that it is generally the buyer that proposes the terms and sells the deal to the property owner. The buyer therefore has the problem in deciding how far to push for terms. Sometimes a long legal document can be a hurdle to getting the deal signed quickly.
This agreement is specifically drawn to be short and simple, for situations where it is important not to present the other party with a long, legalistic document that he may worry about.
This document does create a legally binding contract, but does not tie up the loose ends as our other versions do, and does not offer as much protection for the buyer from the unexpected.
It is, however, short, written in plain English and therefore easy to understand.
If simplicity and ensuring minimal friction with the other side are crucial, use this document rather than one of our other one of our others.
When to use this agreement
The document is suitable for both:
- a developer wishing to secure a ‘right to buy’ on real property subject to a future event
- a land or property owner looking to sell an option to a potential buyer
You will use this agreement to secure land with a view to your working to enhance its value before any event. Examples are:
- planning permission has been granted
- you have found a tenant or sub-buyer
- a land or building survey has been completed
The document also includes a template notice of exercise letter, to be used by a buyer before the expiry date stated within the agreement.
Application and features
- Sets out a clear and logical pathway for exercise
- Short and simple: all variables are clear and in one place
- Suitable for a variety of land types and situations
- Includes an exercise letter template
- User friendly: includes invaluable user notes to guide you through to successful execution
Contents
- Carefully and simply defined terms
- All variable matters in one place for ease of editing
- The specific data on money and timing and the exercise of your option
- Seller's warranties on matters you need to have clear before you commit
- The essence of the agreement
- That the agreement may be assigned by the buyer
- A separate draft letter giving notice to exercise the option
This document was written by a solicitor for Net Lawman. It complies with current Irish law.
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