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. This version has been drawn specifically for situations where the buyer does not want to put the seller off the deal by giving him a document full of “legal” matters. Use if you fear that your seller may be overwhelmed. That way, you get a signature on this agreement. Properly completed, signed and dated, this document is binding, but because this is a cut down version, there is less security for the buyer and there may be additional matters to consider in connection with the minutiae of the conveyancing process. We include a template notice of exercise letter, to be used by a buyer to exercise the option before the expiry date stated within the agreement.
  • Solicitor approved
  • Plain English makes editing easy
  • Guidance notes included
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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
Draftsman

This document was written by a solicitor for Net Lawman. It complies with current Irish law.

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