Said Certificate shall be subject only to taxes for the current year, easements, and rights of way of record, and prior mineral reservations. Should said Certificate reflect any other exceptions to the title unacceptable to Purchaser, Purchaser shall notify the Seller in writing of any defects within fifteen 15 days the title review period and the Seller shall have a reasonable time but not more than 25 days in which to make the title good and marketable or insurable, and shall use due diligence in an effort to do so.
If after using due diligence the Seller is unable to make the title acceptable to Purchaser within such reasonable time, it shall be the option of the Purchaser either to accept the title in its existing condition with no further obligation on the part of the Seller to correct any defect, or to cancel this Agreement.
If this Agreement is thus canceled, all money paid by the Purchaser to the Seller upon the execution of this Agreement or upon any extension shall be returned to the Purchaser, and this Agreement shall terminate without further obligation of either party to the other.
At closing Seller shall convey title to Purchaser by Warranty Deed subject only to exceptions acceptable to Purchaser. The purchase price after the application of the option money shall be paid by urchaser to Seller in cash.
In the event that Purchaser exercises the option to purchase this property within the initial option period or any extension thereof and is not in default in any other terms of this Agreement, said Option Money shall apply toward the purchase price at closing. Upon closing of the sale within the extended option period, said sum shall apply toward the purchase price. GIVEN under my hand and official seal this the day of , Home Information. Find Attorney.
For Attorneys. The option may only be exercised in relation to the whole of the land not part or parts of it. We have another template, Option Agreement, where the option is to be exercised after the buyer has applied for and obtained a planning permission for development of the property.
The grant of an option is not a straightforward transaction. Sellers and buyers should take legal advice before entering into such an agreement. Clause 2 provides for the buyer to have access to the property during the Option Period to carry out investigations and surveys. Clause 3 sets out the mechanism for exercise of the option. These conditions are widely used in commercial property transactions and are similar to the Standard Conditions of Sale used for residential conveyancing.
A copy of the Standard Conditions is available from the Oyez legal stationers website. Unfortunately we are not able to supply the Standard Conditions. Clause 7 deals with notices to be entered on the registered title of the property at the Land Registry. This Simple Option Agreement needs to be signed by each party at the end. The seller and buyer may sign the same copy or one copy each. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
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