¶¶Òõ¶ÌÊÓƵ

First Option To Buy Agreement Template for Canada

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your First Option To Buy Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

First Option To Buy Agreement

"I need a First Option To Buy Agreement for a commercial warehouse property in Ontario, with a 6-month option period starting March 1, 2025, including specific provisions for environmental due diligence and development rights."

Document background
The First Option To Buy Agreement is a strategic legal instrument commonly used in Canadian real estate transactions when a potential buyer needs to secure the right to purchase a property without immediate commitment to the purchase. This document is particularly valuable in situations involving property development, business expansion, or strategic land acquisition. It provides the Option Holder with time to conduct due diligence, arrange financing, or obtain necessary approvals while ensuring the property cannot be sold to another party during the option period. The agreement must comply with both federal Canadian laws and provincial property regulations, making it essential to include specific jurisdictional requirements. It typically contains detailed information about the property, pricing structures, timelines, and conditions for exercising the option, while also addressing matters such as property access during the option period and the rights and obligations of both parties.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, including the Option Grantor (seller) and Option Holder (potential buyer)

2. Background: Explains the context and purpose of the agreement, including brief description of the property and parties' intentions

3. Definitions: Defines key terms used throughout the agreement for clarity and consistency

4. Grant of Option: Specifies the explicit grant of the option to purchase and its basic terms

5. Option Period: Defines the duration of the option and any conditions for extension or early termination

6. Option Price: States the amount payable for the option itself (if any)

7. Purchase Price: Specifies the agreed purchase price for the property if the option is exercised

8. Exercise of Option: Details the process and requirements for exercising the option

9. Property Description: Provides detailed description of the property subject to the option

10. Representations and Warranties: States the parties' assertions about their authority, the property, and other material facts

11. Covenants: Outlines ongoing obligations of both parties during the option period

12. Default and Remedies: Specifies what constitutes default and the available remedies

13. Notices: Specifies how and where formal communications between parties should be made

14. General Provisions: Includes standard contract clauses such as governing law, entire agreement, and amendments

Optional Sections

1. Due Diligence: Includes when the option holder requires specific rights to investigate the property during the option period

2. Financing Conditions: Added when the option exercise is contingent on the holder obtaining financing

3. Property Maintenance: Included when specific requirements for property maintenance during the option period are needed

4. Right of Assignment: Added when the option holder wants the right to assign the option to another party

5. Environmental Matters: Included for properties where environmental concerns are relevant

6. Tenant Rights: Required when the property has existing tenants whose rights need to be addressed

7. Development Rights: Included when the option holder requires rights to pursue development approvals during the option period

8. Competition and ROFRs: Added when there are potential competing rights or rights of first refusal to address

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of the property including lot numbers, boundaries, and registrations

2. Schedule B - Option Exercise Form: Template form for exercising the option

3. Schedule C - Permitted Encumbrances: List of accepted encumbrances that will remain on title

4. Schedule D - Due Diligence Materials: List of documents and materials to be provided for due diligence

5. Appendix 1 - Property Plans: Site plans, surveys, or other visual representations of the property

6. Appendix 2 - Environmental Reports: Any existing environmental assessments or reports

7. Appendix 3 - Title Documents: Copies of relevant title documents and registrations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions








































Clauses







































Relevant Industries

Real Estate

Commercial Property

Residential Property

Real Estate Development

Construction

Retail

Industrial

Agriculture

Mining

Hospitality

Manufacturing

Warehouse and Distribution

Relevant Teams

Legal

Real Estate

Business Development

Property Management

Acquisitions

Investment

Corporate Development

Compliance

Operations

Finance

Relevant Roles

Real Estate Lawyer

Property Developer

Real Estate Agent

Business Development Manager

Corporate Counsel

Property Manager

Investment Manager

Acquisition Manager

Real Estate Investment Director

Legal Counsel

Contract Administrator

Development Director

Land Acquisition Manager

Real Estate Portfolio Manager

Commercial Property Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Land Lease With Option To Buy

A Canadian-law governed agreement combining land lease terms with a future purchase option, addressing both temporary use and potential ownership transfer.

find out more

Tenancy Agreement With Option To Purchase

A Canadian legal agreement combining residential tenancy terms with an option for the tenant to purchase the property under specified conditions.

find out more

Residential Lease With Option To Buy

A Canadian legal agreement combining a residential lease with an option for the tenant to purchase the property, subject to provincial property and tenancy laws.

find out more

Right Of First Refusal Agreement (Real Estate)

A Canadian legal agreement granting a party the first right to purchase a property before it can be sold to third parties.

find out more

Commercial Lease Option Agreement

A Canadian legal agreement granting a potential tenant the exclusive right to lease a commercial property under predetermined terms within a specified period.

find out more

Life Rights Option Agreement

A Canadian legal agreement granting exclusive rights to option and potentially purchase the right to portray an individual's life story in various media formats.

find out more

Lease To Own Rental Agreement

Canadian-compliant agreement combining residential lease terms with a future purchase option, establishing rights and obligations for both rental period and property acquisition.

find out more

Mining Option Agreement

A Canadian law agreement granting rights to acquire mineral property interests, subject to federal and provincial mining regulations.

find out more

Options Account Agreement

A Canadian-compliant agreement establishing terms and conditions for options trading through a registered investment dealer, meeting IIROC and provincial securities requirements.

find out more

Option To Renew Contract

A Canadian legal document granting the right to extend an existing contract under specified terms and conditions.

find out more

Option To Purchase In Lease Agreement

A Canadian legal agreement combining a property lease with an option for the tenant to purchase the property under specified terms and conditions.

find out more

Property Lease With Option To Buy

A Canadian legal agreement combining a property lease with an option to purchase, establishing terms for both rental period and potential future property acquisition.

find out more

Option To Renew Tenancy Agreement

A Canadian legal document granting tenants the right to extend their existing lease agreement under specified terms and conditions, subject to provincial tenancy laws.

find out more

Option To Renew Commercial Lease

A Canadian legal agreement granting commercial tenants the right to extend their existing lease under specified terms and conditions.

find out more

Option Agreement Contract

A Canadian-law governed agreement granting one party the right to engage in a future transaction under preset terms and conditions within a specified period.

find out more

Residential Lease Option Agreement

A Canadian legal agreement combining a residential lease with an option for the tenant to purchase the property at a predetermined price within a specified period, subject to provincial and federal regulations.

find out more

Option Extension Agreement

A Canadian-law governed agreement that extends the term of an existing option agreement, preserving or modifying the option holder's rights for an additional period.

find out more

Option Cancellation Agreement

A Canadian legal agreement that formally terminates existing option rights between parties, addressing cancellation terms, consideration, and regulatory compliance.

find out more

Vehicle Lease Agreement With Option To Purchase

A Canadian-law governed agreement establishing terms for vehicle leasing with a future purchase option, incorporating federal and provincial regulatory requirements.

find out more

Restricted Share Agreement

A Canadian law-governed agreement detailing terms and conditions for granting restricted shares, including vesting schedules and transfer restrictions.

find out more

Option Sales Contract

A Canadian-law governed contract establishing terms for option sales, including exercise rights, pricing, and settlement procedures under Canadian regulatory framework.

find out more

Lease Agreement With Option To Buy

A Canadian jurisdiction agreement combining a property lease with a future purchase option, outlining terms for both rental period and potential acquisition.

find out more

First Refusal Agreement

A Canadian legal agreement granting one party the priority right to enter into a transaction before the owner can deal with third parties, subject to federal and provincial laws.

find out more

Commercial Lease Agreement With Option To Purchase

Canadian commercial lease agreement with built-in purchase option, combining tenancy rights with future ownership opportunity under provincial property laws.

find out more

Simple Right Of First Refusal Agreement

A Canadian-law governed agreement granting one party the first right to enter into a transaction before the owner can deal with third parties.

find out more

Repurchase Option Agreement

A Canadian law-governed agreement granting the right to repurchase specific assets under predetermined terms and conditions.

find out more

Non Exclusive Option Agreement

A Canadian legal agreement granting non-exclusive rights to potentially enter into a future transaction or acquire specific rights under defined terms.

find out more

Mobile Home Lease To Own Contract

A Canadian legal agreement combining mobile home lease terms with a purchase option, complying with provincial residential and mobile home legislation.

find out more

Master Leasing Agreement

A Canadian-law governed master agreement establishing framework terms for multiple equipment leases between lessor and lessee, streamlining repeated lease transactions.

find out more

Master Lease With Option To Purchase

A Canadian legal agreement combining a property lease with a future purchase option, governed by federal and provincial law.

find out more

Lease To Own Land Agreement

A Canadian legal agreement combining property lease terms with a future purchase option, structured according to provincial property law requirements.

find out more

Lease And Purchase Agreement

A Canadian law-governed agreement combining lease terms with purchase options, establishing rights and obligations for both temporary use and eventual ownership transfer.

find out more

Land Lease Purchase Agreement

A Canadian legal document combining a property lease agreement with a future purchase option, governed by federal and provincial real estate laws.

find out more

Land Buying Agreement

A Canadian legal agreement facilitating the transfer of land ownership between parties, governed by federal and provincial property laws.

find out more

Company Equity Share Agreement

A Canadian-law governed agreement establishing terms for company share issuance, ownership, and transfer, outlining shareholder rights and obligations.

find out more

Cash Payment Agreement

A Canadian-law governed agreement establishing terms and conditions for cash payments between parties, including payment schedules and compliance requirements.

find out more

Purchase And Lease Agreement

A Canadian law-governed agreement combining asset/property sale and immediate leaseback arrangements between parties, incorporating both purchase and lease terms.

find out more

Business Lease To Own Agreement

A Canadian legal agreement combining a commercial lease with a purchase option, allowing business tenants to lease property while working towards ownership under Canadian commercial property laws.

find out more

First Option To Buy Agreement

A Canadian legal agreement granting exclusive rights to purchase specific property under predetermined terms and conditions within a set timeframe.

find out more

Truck Lease To Own Agreement

Canadian-law governed agreement establishing terms for a commercial truck lease-to-own arrangement, including payment, maintenance, and ownership transfer conditions.

find out more

Owner Finance Purchase Agreement

A Canadian legal document combining property sale and seller financing terms, structured to comply with federal and provincial regulations for real estate transactions and private lending.

find out more

Lease Option Agreement Contract

A Canadian legal agreement combining a property lease with an option to purchase, establishing terms for both rental period and potential property acquisition.

find out more

Seller Financing Purchase Agreement

A Canadian legal agreement combining property purchase terms with seller-provided financing arrangements, subject to federal and provincial regulations.

find out more

Option To Purchase Business Agreement

A Canadian agreement granting the right to purchase a business under specified terms and conditions within a set timeframe.

find out more

Commercial Lease With Option To Purchase

A Canadian commercial lease agreement that includes an option for the tenant to purchase the property under specified terms and conditions.

find out more

Outright Purchase Agreement

A Canadian law-governed agreement for the complete transfer of asset ownership from seller to purchaser, detailing sale terms, warranties, and completion requirements.

find out more

Option To Lease Agreement

A Canadian legal agreement granting a potential tenant the right to lease a property under specified terms within a set timeframe.

find out more

Land Option Contract

A Canadian-law governed agreement granting exclusive rights to purchase specific real estate at predetermined terms within a set timeframe.

find out more

Exclusive Option Agreement

A Canadian-law governed agreement granting exclusive rights to exercise a specific option within a defined period, preventing the grantor from offering similar rights to others.

find out more

Option To Buy Contract

A Canadian legal agreement granting exclusive rights to purchase property at predetermined terms within a specified timeframe.

find out more

Vehicle Lease To Own Agreement

A Canadian-law governed agreement establishing terms for vehicle leasing with an eventual purchase option, combining lease and purchase provisions under Canadian federal and provincial regulations.

find out more

Option To Purchase Agreement

A Canadian legal agreement granting exclusive rights to purchase specified property under predetermined terms and conditions within a set timeframe.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: /our-research
Oops! Something went wrong while submitting the form.

³Ò±ð²Ô¾±±ð’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ³Ò±ð²Ô¾±±ð’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our for more details and real-time security updates.