Put and call option—fixed price or market value incorporating the Standard Commercial Property Conditions (Third Edition—2018 Revision)
Put and call option—fixed price or market value incorporating the Standard Commercial Property Conditions (Third Edition—2018 Revision)

The following Property precedent provides comprehensive and up to date legal information covering:

  • Put and call option—fixed price or market value incorporating the Standard Commercial Property Conditions (Third Edition—2018 Revision)
  • 1 Definitions
  • 2 Interpretation
  • 3 Grant of Buyer’s Option
  • 4 Grant of Seller’s Option
  • 5 Title
  • 6 Valuation Notice
  • 7 Exercising the Buyer’s Option
  • 8 Exercising the Seller’s Option
  • 9 Dealings by the Buyer
  • More...

date [date]

Parties

  1. 1

    [name of Seller] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Seller)

  1. 2

    [name of Buyer] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Buyer)

    1. 1

      Definitions

      In this Agreement the following definitions apply:

      Actual Completion Date

      1. the date that the Transfer is actually completed, and references in the Standard Conditions to 'actual completion' must be read accordingly;

      Buyer’s Option

      1. the option granted to the Buyer to require the Seller to transfer the Property [to the Buyer] in return for payment of the Price;

      [Buyer’s Option Fee

      1. £[amount] plus any VAT payable on it;]

      Buyer’s Option Notice

      1. a notice in the form set out in Schedule 4 to this Agreement;

      Buyer’s Solicitors

      1. [firm name] of [address] (reference [reference]) or any other solicitors the Buyer notifies to the Seller in writing from time to time;

      [Buyer’s Valuation Notice

      1. a notice served by the Buyer under clause 6.1 in the form set out in Schedule 2;]

      Completion Date

      1. the date that is [20] Working Days after exercise of the Buyer’s Option or the Seller’s Option, as the case may be;

      Conditions

      1. the terms and conditions of sale set out in Schedule 1;

      Legislation

      1. all legislation in force in the United Kingdom at any time during the currency of this Agreement, including:

        1. (a)

          Acts of Parliament;

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