Comprehensive, assignable option agreement for any land or
property with provision for increasing the exercise price in
proportion to the increased value of the land. This returns an
agreed proportion of the increased value to the seller,
regardless of the level of success of any scheme. Protects
buyer if full proposals fail
About this document
This is an option agreement to buy land, that is, real property. It includes paragraphs for assignment.
This version is suitable in most circumstances. It has a build in provisions for increasing the exercise price in proportion to the increased value of the land, thus returning a “fair” proportion of the increase to the seller, regardless of the level of success of any scheme. It is suitable for any type of land - field, farm, shop, garage, house, derelict site and so on.
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
Property and option details
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
Indemnities
Assignment
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.
Word
Count (approximate):
Document: 1660
words
Explanatory notes:
560
words
Draftsman
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