Option to buy land: extension of term, assignable

About this document
This is an option agreement to buy land, that is, real property.  It includes paragraphs for assignment.

This is a standard version most suitable in circumstances. It has a build in provision for an extension of the option period in exchange for an additional payment to the Seller, thus rewarding him for waiting longer. It is suitable for any type of land - field, farm, shop, garage, house, derelict site and so on.

We also have an option suitable for intellectual property (set up for a domain name) and one suitable for “goods” (set up for a horse but can be amended for any “goods”).

Application and features

• Sets out a clear and logical pathway for exercise of the option;
• All variables are clear and in one place;
• Suitable for a variety of land types and situations;
• Written in plain English;
• Includes explanatory notes.

Contents

• All the variable matters in one place for ease of completion;
• The essence of the agreement;
• Calculation of price or additional price or extended option;
• Registering the option and HM Land Registry;
• Provision for buyer to nominate the purchase to someone else;
• Buyers warranties;
• Sellers warranties as to the current planning status of the land;
• Confidentiality;
• Assignment;
• Indemnities
• a director’s guarantee, in case the seller is a company;
• inclusion of any unregistered rights over adjacent land;
• a separate notice letter to exercise the option.