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Property Purchase Option Agreement

Property Purchase Option Agreement Template for India

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Key Requirements PROMPT example:

Property Purchase Option Agreement

"I need a Property Purchase Option Agreement for a commercial building in Mumbai, with a 6-month option period starting March 1, 2025, where the option holder requires specific rights to conduct environmental assessments and development feasibility studies during the option period."

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Document background
The Property Purchase Option Agreement is a strategic legal instrument used in Indian real estate transactions when a potential buyer needs to secure the right to purchase a property without immediate commitment to the full purchase. This document is particularly valuable in scenarios involving property development, investment planning, or when parties need time for due diligence and financing arrangements. The agreement must comply with Indian legal requirements, including state-specific property laws, registration requirements, and stamp duty regulations. It typically includes detailed provisions about the property, option period, purchase price, exercise mechanisms, and parties' obligations. This type of agreement is commonly used in both commercial and residential property transactions, offering protection to both the option holder and grantor while maintaining flexibility in the transaction timeline.
Suggested Sections

1. Parties: Identification of the Option Grantor (property owner) and Option Holder (potential purchaser)

2. Background: Recitals explaining the context and intention of the parties to enter into the option agreement

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Grant of Option: Core provision granting the exclusive right to purchase the property within the specified period

5. Option Period: Duration of the option, including start and end dates

6. Option Fee: Amount, payment terms, and whether the fee is refundable or applicable to purchase price

7. Exercise of Option: Process and requirements for exercising the option, including notice requirements

8. Purchase Price: Agreed purchase price for the property and payment terms if option is exercised

9. Property Details: Description and scope of the property subject to the option

10. Title and Due Diligence: Provisions regarding title verification and due diligence process

11. Representations and Warranties: Standard representations by both parties regarding authority, title, and property condition

12. Termination: Circumstances under which the agreement can be terminated

13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction

14. Notices: Process and addresses for serving notices under the agreement

Optional Sections

1. Property Access: Terms for accessing the property for inspection during option period - used when immediate access is required

2. Development Rights: Include when option holder needs rights to investigate development potential

3. Assignment Rights: Terms for assigning the option rights - relevant for corporate or investment purchases

4. Extension Provisions: Mechanisms for extending the option period - useful in complex transactions

5. Existing Tenancies: Required when property has existing tenants or occupants

6. Environmental Conditions: Important for industrial properties or where environmental concerns exist

7. Planning Permissions: Relevant when purchase is conditional on obtaining specific planning approvals

8. Property Maintenance: Obligations regarding property maintenance during option period - important for longer options

Suggested Schedules

1. Property Description: Detailed description of property including boundaries, measurements, and title details

2. Option Fee Payment Schedule: If option fee is paid in installments or has specific conditions

3. Form of Option Exercise Notice: Template notice for exercising the option

4. Title Documents: List of title documents and encumbrances

5. Property Plans: Maps, drawings, or plans of the property

6. Due Diligence Documents: List of documents to be provided for due diligence

7. Existing Encumbrances: Details of any existing mortgages, liens, or other encumbrances

8. Special Conditions: Any special conditions or requirements specific to the property or transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions













































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Relevant Industries

Real Estate

Property Development

Construction

Real Estate Investment

Commercial Property

Residential Property

Industrial Property

Hospitality

Retail

Agriculture

Infrastructure

Urban Development

Relevant Teams

Legal

Real Estate

Property Management

Investment

Business Development

Finance

Compliance

Operations

Commercial

Risk Management

Acquisitions

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Real Estate Attorney

Investment Manager

Property Manager

Chief Financial Officer

Business Development Manager

Real Estate Broker

Land Acquisition Manager

Property Investment Analyst

Commercial Director

Development Director

Real Estate Portfolio Manager

Compliance Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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