An Option Agreement is a contract that grants one party the right, but not the obligation, to purchase or sell a property or land at a later date, usually within a specified period. Our Property Development and Commercial Property solicitors and lawyers advise sellers/grantors and buyers/grantees on Option Agreements. If you are the buyer/grantee, our work for you will include:
- Initial Consultation and Advice
- We will discuss your objectives, to ensure we fully understand what you require.
- We will provide legal advice on the implications of entering into an Option Agreement, including the potential risks and/or benefits.
- Drafting the Option Agreement
- Terms and Conditions: We will draft the Option Agreement, ensuring it includes all essential terms, such as the option period, the purchase price (or the method of determining it), and any conditions that must be met for the option to be exercised.
- Tailored Clauses: These may include specific clauses tailored to the transaction, such as conditions precedent (conditions that must be satisfied before the option can be exercised) and any rights of way or access rights needed.
- Negotiation
- Representing Your Interests: We will negotiate the terms of the Option Agreement with the other party’s solicitor to ensure that the agreement is fair and protects your interests.
- Amendments: We will handle any amendments or revisions required during the negotiation process.
- Due Diligence
- Property Checks: If the option involves land or property, we will conduct thorough due diligence (where instructed to do so). This may include checking the title, planning permissions, environmental considerations, and any restrictive covenants or encumbrances.
- Regulatory Compliance: We ensure that the Option Agreement complies with relevant laws and regulations.
- Execution and Formalities
- Signing: We ensure that the Option Agreement is properly signed by all parties, following all legal formalities.
- Registration: We will arrange for a notice and/or a restriction relating to the Option Agreement to be registered with the Land Registry.
- Exercise of the Option
- Notification: If the option is exercised, we will handle the formal notification to the seller/grantor.
- Completion of the Transaction: We will then proceed with the completion of the property purchase, including handling completion and transfer of funds.
- Dispute Resolution
- Resolution: If a dispute arises regarding the Option Agreement, our experienced Dispute Resolution team can advise on the best course of action and represent you in negotiations or litigation if necessary.
- Post-Completion Matters
- Final Registration: We will ensure that the transaction is registered with the Land Registry, updating the title to reflect the new ownership.
In summary, our Property Development and Commercial Property solicitors and lawyers ensure that an Option Agreement is legally sound, tailored to your specific needs, and that it provides clear, enforceable terms for future actions.
CONTACT US
If you wish to discuss a case with us, please contact Julian De Giovanni on 01420 81281 or fill in the form below.
“Thorough on acquisitions and smooth on sales. Proactive and commercially astute. Not fazed by dealing with large London or regional firms. Good sense of humour and remains calm under pressure. Gets the job done time and time again.”
“…I particularly wish to thank you for all your hard work, advice and support throughout, which has been a significant factor in enabling us to get to goal. I know that you have often spent a lot of time on this matter after normal office hours to ensure progress of the sale was maintained – all very much appreciated.”
“We use Julian De Giovanni because we have found him adept at identifying problems early on and then either resolving them or advising us of our position. He always has in mind the importance to us of being able to sell on completed units quickly and cleanly once we have concluded a project. Julian puts in the extra effort that is required to get the job done. He is contactable, answers the phone and replies to messages. He meets and exceeds our expectations whilst remaining a pleasant person to deal with! I have had no hesitation in recommending him to others.”
