Exclusive Agreement For Selling And Buying Land (Freehold Or Leasehold)
by
Genie Team
Oct, 25 2022
When to use this template
An exclusivity agreement, also known as a lock-out agreement, is a legal document in which a seller agrees not to negotiate with another prospective buyer for a period of time. This agreement is for the sale and purchase of freehold and/or leasehold land.
Key issues covered in this template
Consideration
Exclusive Period
Seller's obligations
Non-solicitation
Seller must send the Transaction Documents to the Buyer's Conveyancer
Subordinate legislation
Termination for breach
Time of the essence
Title to Property
Buyer's obligations
Remedies for breach
Third party rights
N/A
What to watch out for
That the agreement is for the sale of freehold and/or leasehold land, and not for any other type of property;
That the agreement sets out a period of time during which the seller will not negotiate with another prospective buyer; and
That the agreement is signed by both the seller and the buyer
5
Used by
Author
Genie Team
@genieteam
Genie AI
The Genie Team consists of lawyers and paralegals. Our aim is to open source the law and provide high quality, regularly reviewed legal documents.