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

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

  • Put option—fixed price or market value incorporating the Standard Commercial Property Conditions (Third Edition)
  • 1 Definitions
  • 2 Interpretation
  • 3 Grant of option
  • 4 Title
  • 5 Valuation Notice
  • 6 Exercising the Option
  • 7 Alienation
  • 8 Seller not to encumber further
  • 9 Insurance
  • 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] (the Buyer)

    1. 1

      Definitions

      In this Agreement the following definitions apply:

      Actual Completion

      1. the date on which a transfer of the Property to the Buyer is actually completed, and references in the Standard Conditions to 'actual completion' must be read accordingly;

      Buyer’s Solicitors

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

      Completion Date

      1. the date that is [20] Working Days after service of the Option Notice;

      Conditions

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

      [Deposit

      1. £[amount];]

      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;

        2. (b)

          orders, regulations, consents, licences, notices and bye laws made or granted:

          1. (i)

            under any Act of Parliament;

          2. (ii)

            by a local authority or by a court of competent jurisdiction

        3. (c)

          any approved codes of practice issued by a statutory body;

      Option

      1. the Seller’s right pursuant to this Agreement to require the Buyer to take a transfer of the Property in return for payment of the Price;

      Option Fee

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

      Option Notice

      1. a notice in

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