A purchase option is a contract on a specific piece of land that allows the buyer the exclusive right to purchase the property. Once a buyer has an option to buy a property, the seller cannot sell the property to anyone else.
The option needs to be carefully drafted to protect both parties and will need to include matters such as the period of time when the option can be exercised, how the purchase price is to be calculated (if this is not fixed), how to service notice to exercise the option and other such matters.
We will be happy to work with you to secure land under an option agreement.
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