Option to buy land and property: standard

This is a comprehensive option agreement to buy real property - land or buildings - in a straight forward, “plain vanilla” deal. This agreement fixes the price and the exercise date so that there is no scope for argument.
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About this document

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 Condition of Sale (2017 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.

When to use this document

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:

  • house building
  • redevelopment of light industrial units
  • refurbishment of offices

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.

Alternative templates

We have other agreements for non-standard deals. You can find our complete range of templates here.

Contents

  • Carefully and simply defined terms
  • Buyers warranties
  • Sellers warranties as to the current planning status
  • The essence of the agreement
  • Confidentiality
  • Indemnity by the seller
  • A director’s guarantee, in case the seller is a company
  • Seller must not take actions which might prejudice the buyer’s work
  • What the buyer may do and must do
  • Assignment
  • Limitation of buyer liability
  • A separate notice letter 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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