This simple option agreement for land acquisition allows a landowner to grant an option to a buyer. This is a “call option” in which the buyer can ask the seller to transfer the property to the buyer at a later date. Granting an option is not just a transaction. The seller and buyer should seek legal advice before such an agreement is reached. TITLE: Within fifteen (15) days after the buyer exercises this option as stated above, the seller must pass on to the buyer or the buyer`s lawyer a certificate of ownership of a serious lawyer whose certificate is accompanied by proof of insurance covering the property described in paragraph I, which reflects this simple property of the person`s property. , and the same is ensured by a title company of the buyer`s choice. This certificate is subject only to taxes for the current year, facilities and fees to register and book previous minerals. If this certificate reflects other title exceptions that are unacceptable to the purchaser, the buyer must notify the seller in writing of defects within fifteen (15) days (the review period) and the seller has a reasonable period of time (but no more than 25 days) to make the title marketable and marketable or insurable, and will exercise the necessary diligence to do so. If the seller is unable to make the property acceptable to the buyer within a reasonable period of time after the use of the due diligence obligation, the buyer may accept the property in its current condition without the seller being required to remedy a defect or revoke that contract. In the event of termination of this contract, all the money that the buyer pays to the seller after the execution of the agreement or in the event of a renewal is returned to the buyer and this contract is concluded without any other commitment from one of the parties to the other party. If the title is acceptable to the purchaser, the closing is completed within 15 days of the end of the “title review period.” In conclusion, the seller will transfer the property to the buyer only exceptions acceptable to the buyer by guarantee. Article 7 deals with communications to be registered with the land registry on the registered title of the property. Section 3 defines the mechanism for exercising the option.
The standard conditions of commercial real estate (third edition) are included in the agreement.