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Option to Sell
There are several different types of option agreements. An option is a legal agreement which grants a buyer the right to require the seller to sell a property on agreed terms.. The buyer is given a certain period of time within which to decide whether to exercise the option and this is generally on payment of a fixed amount.
There are two main circumstances when this might be appropriate:-
- if the buyer is anxious to secure the ability to buy but has not had the time to make appropriate financial arrangements.
- if the buyer wishes to buy the property but the decision to pay the price and purchase the property will depend upon some uncertain event, such as the grant of planning consent for development.
Option agreements can be complicated to negotiate as the respective parties are usually anxious to get the best deal available and although they have the same aim other aspects such as the timescale can cause a problem.
At Hart Brown we are experienced at dealing with option agreements both when acting for a buyer and a seller. Although these are mainly completed in commercial dealings, options are becoming more prominent in residential matters
To speak to someone who can help with selling farm land call, email or request a call back from one of our specialist lawyers.