Option to buy land and property
Document overview
England & Wales
- Length:9 pages (520 words)
- Available in:
Microsoft Word DOCX
Apple Pages
RTF
We guarantee every document we sell. If you are not satisfied with one of our templates after you download it for whatever reason, tell us and we’ll refund you in full immediately.
We avoid legal terminology unless necessary. Plain English makes our documents easy to understand, easy to edit and more likely to be accepted.
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 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.
Our documents comply with the latest relevant law. Our lawyers regularly review how new law affects each document in our library.
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
Talk to us about this documentWe are happy to answer any questions you have. Arrange for us to call you.
Recent reviews
Choose the level of support you need
Document Only
This document - Detailed guidance notes explaining how to edit each paragraph
Lawyer Assist
- This document
- Detailed guidance notes explaining how to edit each paragraph
Unlimited email support - ask our legal team any question related to completing the document - 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
All rights reserved