template

Option Agreement (Landowner Calls & Developer Puts)

by
Genie Team
Genie Team
Sep, 28 2022

When to use this template

This is an agreement between a landowner and developer that gives the developer the option to buy the land at a later date, and gives the landowner the option to sell the land to the developer at a fixed price if the developer does not exercise the original option to buy.

Key issues covered in this template

  • Bankruptcy
  • Context
  • Entering and damaging property
  • Expert determination
  • Form of transfer
  • Fundamental breach
  • Invalid email
  • Legislation
  • Register transfer
  • Retained rights
  • N/A

What to watch out for

  • The landowner grants a developer a call option to buy land and the developer grants the landowner a put option over all or part of the land in the event that the developer does not exercise the call option

  • If the call option is exercised, the purchase price is calculated as a percentage of the property's market value with the benefit of the planning permission that is obtained by the developer

  • If the put option is exercised, the sale price is an agreed fixed amount

1

Used by

Author

Genie Team

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.

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Additional information

Business categories

Business activities

Relevant sectors

Real Estate

Construction

Relevant company sizes

1 - 3

4 - 19

20 - 49

50 - 249

250 - 999

1000 +

Governing law

England and Wales

Language

English UK

Gender neutral

Yes