Option to buy land: extension of term, non-assignable
Comprehensive option agreement for any land or property
with provision for an extension of the option period in
exchange for an additional payment to the Seller, thus
rewarding him for waiting longer, if for example expected
planning consent has been delayed
About this document
This is an option agreement to buy land, that is, real property.
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
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: 1700
words
Explanatory notes:
550
words
Draftsman
This document is drawn and maintained by Net Lawman. It is real law in plain English.
