What is an Option Agreement?
An Option agreement is a contract under which a seller gives a buyer an option to purchase a property at some point in the future.
The Option might provide, for example, that a buyer has the right to buy a property at a set price before a certain date by simply serving a notice on the seller (who cannot refuse then to complete the sale).
Options can also be structured so as to be exercised by a buyer once their planning permission is granted, or at any point during a buyer’s occupation of the property as a tenant.
Option Agreements can be complicated
These types of agreement can be complicated documents and HSR Law can advise the buyer and the seller on the terms of the same.
In the case of buyers, it is not uncommon to pay a non-refundable sum to a seller in exchange for the Option.
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