Option to buy Land Agreement Form
THIS AGREEMENT IS MADE the [Enter Day] day of [Enter Month] year [Enter Year]

BETWEEN:

(1) [Enter Buyer\'s Name] of [Enter Buyer\'s Address] (the ‘Buyer’); and

(2) [Enter Seller\'s Name] of [Enter Seller\'s Address] (the ‘Seller’).

WHEREAS:

The Seller now owns the following land and/or property (the ‘Property’):

[Enter Address of Property]

NOW IT IS HEREBY AGREED as follows:

1. In consideration of the sum of £[Enter Amount] , receipt of which is hereby acknowledged by the Seller, the Seller grants to the Buyer an exclusive option to buy the Property for the following price and on the following terms (the ‘Option’):

[Enter Details] .

2. The amount received by the Seller from the Buyer referred to in paragraph 1 above will be credited against the purchase price of the Property if the Option is exercised by the Buyer. If the Option is not exercised, the Seller will retain this payment.

3. The option period will be from the date of this Agreement until [Enter Date] at which time the Option will expire unless exercised.

4. During this period, the Buyer has the option and exclusive right to buy the Property on the terms set out herein. The Buyer must notify the Seller in writing of the decision to exercise the Option.

5. No modification of this agreement will be effective unless it is in writing and is signed by both the Buyer and Seller. This agreement binds and benefits both the Buyer and Seller and any successors. Time is of the essence of this agreement. This document, including any attachments, is the entire agreement between the Buyer and Seller.

IN WITNESS OF WHICH the parties have signed this agreement the day and year first above written

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Signed by or on behalf of the Buyer

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in the presence of (witness)

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Signed by or on behalf of the Seller

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in the presence of (witness)

Name

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Name

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Address

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Address

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Occupation

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Occupation

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Name

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Name

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