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AGREEMENT EXTENDING PERIOD OF OPTION

Option agreement in real estate dealings

If you have found a piece of land for you to develop and you need to ensure that it is not sold off before you gain the planning permission, then it is recommended to  get an option agreement done. You could also get this agreement done in case you know that the development project which you have been investing in will reap huge profits. Also, it would be advised to get an option agreement done to secure the right to buy the property when the venture is completed so that you could maximize your investment.

Understanding the option agreement

An agreement prepared between the potential buyer and the landowner of the property is called option agreement.  In other words, both the parties get into an agreement and the potential buyer of the property is legally bonded to purchase it within a particular time frame or on a specific date or after a particular event is completed (for instance, after receiving the planning permission), for a non-refundable amount of money. You need to have an understanding about the non refundable amount. There is always a scope for negotiation on this amount as to how much will it be deducted from the final price of the property.

However, whenever you enter into the option agreement, you need to know how to extend the option if situation demands. Whenever you enter to the agreement extending period of option, you need to check thoroughly the terms and conditions agreed upon are the same as mentioned in the earlier document. If you go for renewal of the contract, then all the terms and conditions will change.

 

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