What is this Option Agreement to buy Freehold Property for?
This is an agreement where the buyer has the right (or option) to buy freehold property from the seller within a specified period. The purchase price is fixed and if the buyer wants to go ahead, they must give notice to the seller before the option period expires.
The agreement grants the Buyer the Option to acquire the property on payment of an option fee for the purchase price and on the terms set out in the agreement. The option fee can be nominal, but is more likely to be a considerable sum depending upon the development potential of the land or other circumstances.
What detailed terms does the Option Agreement contain?
- grant of option
- exercise of the option
- title guarantee
- incorporation of conditions of sale
You need this document if you want to formalise the right to buy a freehold property from the freeholder within a specified time.
For more information on each of these sections, see our Explanatory Notes which you will receive when you download the document from our website.
When I download the document, can I change it and/or use it more than once?
Yes, all ContractStore’s templates are in MS Word and you can use the document on more than one project. For more information, watch the video on this page of our website or see our FAQs
ContractStore supplies templates and is not a law firm. But all our templates are written by experienced lawyers so we can arrange legal assistance for customers who need special terms in one of our documents or a bespoke template. . For more information see our Legal Services page.
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If you have any questions about a contract and/or want to see the Explanatory Notes before you buy, please let us know by using our contact form
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