Lease Option Agreement Solicitors
If you’re looking for an option agreement solicitor, contact Fan Harrhy Law today. Our solicitors will handle any legal due diligence, negotiate contract terms and ensure that any agreements are correctly documented throughout the option period.
At Fan Harrhy Law, we have extensive experience in helping both landowners and developers to negotiate key terms of option agreements, including the option fee, option period length and purchasing price.
How Do Option Agreements Work?
An option agreement is a legally-binding contract that gives a buyer the right (but not the obligation) to purchase a property or asset within a specified timeframe for a predetermined price.
The buyer pays the owner a non-refundable fee (the option fee) for this exclusive right to buy, and if the buyer chooses to proceed with the purchase, the fee can be deducted from the final purchase price. If the buyer decides not to purchase, they will typically have to forfeit the option fee.
The timeframe during which the buyer can exercise their right to purchase the property or land is known as the ‘option period’. Within this agreed timeframe, certain conditions must be met in order for the option to be exercised. This could include the buyer obtaining planning permission or securing funding.
Our lease option agreement solicitors can help with drafting this agreement, handling due diligence, negotiating contract conditions and obtaining permission / funding.
Enquire NowThe buyer pays the owner a non-refundable fee (the option fee) for this exclusive right to buy, and if the buyer chooses to proceed with the purchase, the fee can be deducted from the final purchase price. If the buyer decides not to purchase, they will typically have to forfeit the option fee.
The timeframe during which the buyer can exercise their right to purchase the property or land is known as the ‘option period’. Within this agreed timeframe, certain conditions must be met in order for the option to be exercised. This could include the buyer obtaining planning permission or securing funding.
Our lease option agreement solicitors can help with drafting this agreement, handling due diligence, negotiating contract conditions and obtaining permission / funding.
Frequently Asked Questions
Option Agreement FAQ
- What are the advantages of an option agreement for the buyer?
- What are the advantages of an option agreement for the seller?
- Can option agreements be used for business transactions?
- How long does an option agreement last?
Lease Option Agreement Solicitors
Get in touch with Fan Harrhy Law today to discuss your option agreement contract with one of our expert solicitors. We are based in South Wales, with clients throughout both Wales and England.
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