Option to buy land: additional price, non-assignable
Comprehensive 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.
This version is suitable in most circumstances. It has built in provision 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
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: 1750
words
Explanatory notes:
425
words
Draftsman
This document is drawn and maintained by Net Lawman. It is real law in plain English.
