Option Agreements
Option Agreements
Which Is Best For You?
The differences between an option agreement and conditional contracts are various but at Coles Miller we are experienced in both and are able to advise both buyers and sellers on these matters.
What Is An Option Agreement (OA)?
An option agreement contractually ties the seller to the buyer for a certain period of time but not the other way around. In this type of contract the buyer has the freedom to decide whether or not to purchase and does not have to provide the seller with a reason.
This type of contract is often used where land is owned by different parties and a developer may want to ensure sales of all units or none.
Our commercial property solicitors are able to assist clients with a wide range of option agreements – but not lease option agreements.
What Is A Conditional Contract?
This type of contract ties both the seller AND the buyer. It ensures that if specified conditions are met (usually the grant of planning permission) formal completion will occur within a fixed period of time.
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For Kerry Houston-Kypta, Partner:
“Many thanks for guiding us through the sale of land. Also for in helping us to keep realistically within our budget. Our dealings with you both made it a pleasurable and stress-free transaction.”"I would also like to express my gratitude for your professionalism, support and patience in dealing with this matter and the speed with which you managed to complete the work when finally you were provided with the undertaking. Thank you again for all your help. It is very much appreciated."