Option Agreement For Purchase Of Real Property

Option Agreement For Purchase Of Real Property Template for Ireland

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Key Requirements PROMPT example:

"I need an Option Agreement for Purchase of Real Property for a commercial development site in Dublin, with the option period running until June 2025, conditional upon obtaining planning permission for a retail complex, and including rights to conduct environmental surveys during the option period."

Document background

The Option Agreement For Purchase Of Real Property is a strategic legal instrument used in Irish property transactions when a potential buyer needs to secure the right to purchase a property without immediate commitment to the purchase. This document is particularly useful in situations requiring due diligence, planning permission applications, or funding arrangements before committing to the purchase. It contains essential elements such as the option period, purchase price, exercise mechanisms, and property details, all compliant with Irish property law. The agreement protects both parties' interests by providing certainty to the potential purchaser while allowing the property owner to receive consideration for keeping the property available. It's commonly used in both commercial and residential property developments, land assembly projects, and strategic property acquisitions.

Suggested Sections

1. Parties: Identifies and defines the parties to the agreement - the Option Grantor (property owner) and the Option Holder

2. Background: Sets out the context of the agreement, including brief property description and parties' intention to enter into an option arrangement

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Grant of Option: Core section establishing the grant of the option and its basic terms

5. Option Period: Specifies the duration of the option and any extension provisions

6. Option Fee: Details the consideration paid for the option and whether it's applicable to the purchase price

7. Exercise of Option: Specifies the mechanism and requirements for exercising the option

8. Purchase Price: States the agreed purchase price for the property or mechanism for determining it

9. Property Title: Warranties regarding the property's title and any known encumbrances

10. Conditions of Sale: Core conditions that will apply to the sale if the option is exercised

11. Completion: Requirements and timeline for completion after option exercise

12. Termination: Circumstances under which the agreement may be terminated

13. Notices: Procedure for giving formal notices under the agreement

14. Governing Law and Jurisdiction: Confirms Irish law governs and Irish courts have jurisdiction

Optional Sections

1. Due Diligence: Include when the option holder is granted rights to conduct investigations during the option period

2. Planning Permissions: Include when the option exercise is conditional on obtaining specific planning permissions

3. Environmental Matters: Include when environmental investigations or warranties are specifically required

4. Tenant Rights: Include when the property is subject to existing tenancies

5. Development Obligations: Include when the option holder must undertake specific development activities

6. Assignment Rights: Include when either party may need to assign their rights under the agreement

7. Tax Provisions: Include when specific tax arrangements or implications need to be addressed

8. Break Rights: Include when early termination rights are granted to either party

Suggested Schedules

1. Property Description: Detailed description of the property including maps, plans and boundaries

2. Form of Option Notice: Prescribed form for exercising the option

3. Purchase Price Calculation: If price is variable, mechanism for calculation

4. Title Documents: List of relevant title documents and any known encumbrances

5. Property Searches: Results of preliminary searches and enquiries

6. Planning Documentation: Relevant planning permissions and applications

7. Environmental Reports: Any environmental surveys or reports

8. Contract for Sale: Form of contract to be executed upon exercise of the option

Authors

Alex Denne

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

alex.den.21@genieai.co

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Clauses

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Real Estate

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Real Estate Lawyer

Property Developer

Real Estate Agent

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Conveyancing Solicitor

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