Document background
An Option Agreement (Real Estate) is a crucial document in Irish property transactions where parties wish to secure future property rights while maintaining flexibility. This agreement type is commonly used in development projects, strategic land acquisition, and commercial property transactions where buyers need time to conduct due diligence, secure funding, or obtain planning permissions before committing to purchase. The document must comply with Irish property law requirements, including the Land and Conveyancing Law Reform Act 2009, and typically includes detailed provisions about the property, option exercise mechanics, price determination, and completion procedures. It provides security for the option holder while allowing property owners to receive consideration for granting the option rights.
