¶¶Òõ¶ÌÊÓƵ

All Countries
Real Estate
Option Agreement Contract

Option Agreement Contract Template for South Africa

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

4.6 / 5
4.8 / 5

Let's create your Option Agreement Contract

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:

Option Agreement Contract

"I need an Option Agreement Contract for a property development in Cape Town, giving our company the exclusive right to purchase the land for ZAR 15 million until March 15, 2025, with specific conditions for environmental approval and rezoning requirements."

Celebrated by
Collaborations with
Investors
Document background
The Option Agreement Contract is a crucial legal instrument in South African business and commercial transactions, providing flexibility and strategic advantages in various contexts. This document is typically used when parties wish to create a binding arrangement where one party has the exclusive right to proceed with a transaction (such as purchasing property, shares, or other assets) within a specified period, without an immediate obligation to do so. The agreement must comply with South African common law principles and relevant statutory requirements, including the Companies Act 71 of 2008, the Consumer Protection Act 68 of 2008, and where applicable, the Alienation of Land Act 68 of 1981. Option Agreements are particularly valuable in scenarios involving property development, corporate acquisitions, mineral rights, or strategic business arrangements, providing a structured framework for future transactions while protecting both parties' interests through clearly defined terms and conditions.
Suggested Sections

1. Parties: Identification and details of the parties to the agreement - the option grantor and option holder

2. Background: Context of the agreement, relationship between parties, and purpose of the option

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Grant of Option: Express provision granting the option and its basic terms

5. Option Period: Duration of the option, including commencement and expiry dates

6. Option Price: Cost of acquiring the option (if any) and payment terms

7. Exercise Price: Price payable upon exercise of the option and payment terms

8. Exercise of Option: Procedure and formalities for exercising the option

9. Conditions Precedent: Any conditions that must be fulfilled before the option becomes exercisable

10. Representations and Warranties: Statements of fact and promises by both parties

11. Rights and Obligations: Ongoing rights and obligations of parties during the option period

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

13. Breach and Remedies: Consequences of breach and available remedies

14. General Provisions: Standard clauses including notices, governing law, jurisdiction

Optional Sections

1. Due Diligence: For complex assets, provisions allowing the option holder to conduct investigations before exercise

2. Security Arrangements: Where the option is secured by other assets or guarantees

3. Regulatory Compliance: For regulated assets or when specific regulatory approvals are needed

4. Tax Provisions: Specific tax-related provisions where tax implications are significant

5. Assignment Rights: Rights to transfer the option to third parties, if permitted

6. Anti-dilution Provisions: For share options, protecting against value dilution

7. Competition Restrictions: Non-compete or similar restrictions during the option period

8. Force Majeure: Provisions dealing with unforeseen circumstances affecting the option

Suggested Schedules

1. Asset Description: Detailed description of the asset subject to the option

2. Option Exercise Notice: Pro forma notice for exercising the option

3. Calculation of Exercise Price: Formula or methodology for determining the exercise price if variable

4. Required Consents: List of third-party or regulatory consents required

5. Due Diligence Requirements: Scope and procedures for any due diligence process

6. Warranty Schedule: Detailed warranties relating to the option asset

7. Encumbrances: List of any existing encumbrances on the option asset

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

alex.den.21@genieai.co
Relevant legal definitions






































Clauses




































Relevant Industries

Real Estate

Financial Services

Mining

Agriculture

Technology

Manufacturing

Retail

Construction

Energy

Private Equity

Venture Capital

Professional Services

Relevant Teams

Legal

Corporate Finance

Real Estate

Business Development

Compliance

Risk Management

Investment

Mergers & Acquisitions

Project Management

Commercial Operations

Executive Leadership

Relevant Roles

Legal Counsel

Corporate Lawyer

Property Lawyer

Commercial Director

Business Development Manager

Investment Manager

Chief Financial Officer

Chief Executive Officer

Property Developer

Real Estate Manager

Compliance Officer

Risk Manager

Company Secretary

Investment Banker

Contract Manager

Project Manager

Mergers & Acquisitions 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

Commercial Lease With Option To Renew

South African commercial lease agreement with renewal option, outlining terms for business property occupation and future lease extension rights.

find out more

Residential Lease With Option To Buy

South African residential lease agreement with built-in option to purchase, combining rental terms with future purchase rights.

find out more

Lease To Own Rental Agreement

A South African law-compliant agreement combining rental terms with a future purchase option, allowing tenants to rent property while securing the right to buy it later.

find out more

Property Options Contract

A South African legal agreement granting the right to purchase specified property at predetermined terms within a defined period.

find out more

Option To License Agreement

A South African law-governed agreement granting the right to enter into a future license agreement for intellectual property under specified terms and conditions.

find out more

Property Lease With Option To Buy

A South African legal agreement combining property lease terms with a future purchase option, compliant with local property and consumer protection laws.

find out more

Option Agreement Contract

A South African law-governed agreement granting one party the right to enter into a specified transaction within a set timeframe and conditions.

find out more

Commercial Lease To Own Agreement

A South African agreement combining commercial property lease terms with a future purchase option, governed by local property and commercial law.

find out more

Land Lease To Own Contract

A South African law-governed agreement combining property lease terms with a purchase option, establishing conditions for both rental period and eventual property acquisition.

find out more

Option And Purchase Agreement

A South African law-governed agreement granting an exclusive right to purchase property within a specified period, combining option terms with a conditional purchase agreement.

find out more

Vehicle Lease Agreement With Option To Purchase

A South African law-governed agreement setting out terms for vehicle leasing with a future purchase option, compliant with National Credit Act requirements.

find out more

Option Sales Contract

A South African law-governed agreement granting the right to buy or sell an asset at a predetermined price within a specified period.

find out more

Repurchase Option Agreement

A South African law-governed agreement granting one party the right to repurchase specific assets from another party under predetermined terms and conditions.

find out more

Master Lease With Option To Purchase

A South African legal agreement combining a property lease with a future purchase option, establishing terms for both rental occupation and potential property acquisition.

find out more

Lease To Own Business Contract

South African legal agreement facilitating business acquisition through an initial lease period followed by ownership transfer, subject to specified terms and conditions.

find out more

Lease And Purchase Agreement

A South African legal agreement combining property lease terms with a purchase option, governed by SA property and consumer protection laws.

find out more

Land Buying Agreement

A legally binding agreement for land purchase and transfer under South African law, detailing property specifications, price, and transfer terms.

find out more

Flat Buying Agreement

A South African law-compliant agreement for the purchase and sale of sectional title units, detailing terms of property transfer and parties' obligations.

find out more

Contract For Lease To Own

A South African legal agreement enabling property rental with an option to purchase, combining lease and sale elements under SA property law.

find out more

Cash Payment Agreement

A South African law-governed agreement establishing terms and conditions for cash payment transactions, ensuring FICA compliance and detailing payment obligations.

find out more

Instalment Sale Agreement Property

A South African property sale agreement where the purchase price is paid in instalments over time, governed by the Alienation of Land Act.

find out more

First Option To Buy Agreement

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

find out more

Land Option Contract

A South African law-governed agreement granting the right to purchase specified land at a predetermined price within a defined period.

find out more

Option Agreement Land

A South African legal agreement granting the right to purchase specified land at predetermined terms within a set timeframe, governed by the Alienation of Land Act.

find out more

Right Of First Refusal Agreement

A South African law agreement granting one party the priority right to enter into a specified business transaction before the other party can offer it to third parties.

find out more

Vehicle Lease To Own Agreement

South African vehicle lease-to-own agreement combining lease terms with eventual ownership transfer provisions, compliant with local credit and consumer protection laws.

find out more

Option Agreement (Real Estate)

A South African legal agreement granting the right to purchase specified real estate property under predetermined terms and conditions, subject to local property law requirements.

find out more

Lease Option Agreement

A South African law-governed agreement combining property rental terms with a future purchase option, establishing rights and obligations for both lease period and potential property acquisition.

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.

Read our Privacy Policy.