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Option Contract (Real Estate)

Option Contract (Real Estate) Template for Ireland

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Key Requirements PROMPT example:

Option Contract (Real Estate)

"I need a Real Estate Option Contract under Irish law for a commercial property in Dublin city center, giving our development company a 12-month option period starting March 2025, with the option to extend for an additional 6 months if planning permission is still pending."

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Document background
The Option Contract (Real Estate) is a strategic legal instrument used in Irish property transactions where one party seeks to secure the right to purchase a property without immediate commitment to the purchase. This document is particularly valuable in property development scenarios, land assembly projects, or when parties need time to conduct due diligence or secure funding. Under Irish law, the agreement must comply with specific formal requirements, including those set out in the Land and Conveyancing Law Reform Act 2009 and the Registration of Title Act 1964. The document typically includes comprehensive details about the property, option period, purchase price, exercise mechanisms, and completion procedures, making it essential for property transactions where timing and flexibility are crucial factors.
Suggested Sections

1. Parties: Identification of the option grantor and grantee with full legal names and addresses

2. Background: Context of the agreement and brief description of the property and parties' intentions

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

4. Grant of Option: Core terms of the option grant, including duration and nature of the right

5. Option Period: Specification of the timeframe during which the option may be exercised

6. Option Price: Amount payable for the option itself (if any)

7. Purchase Price: Agreed price for the property if the option is exercised

8. Exercise of Option: Procedure and requirements for validly exercising the option

9. Completion: Process and requirements for completing the purchase after option exercise

10. Title and Due Diligence: Provisions regarding property title and pre-completion investigations

11. Representations and Warranties: Standard warranties about the property and parties' capacity

12. Notices: Requirements for valid notices under the agreement

13. General Provisions: Standard boilerplate clauses including governing law, entire agreement, etc.

14. Execution: Signature blocks and execution formalities

Optional Sections

1. Deposit: Terms for any deposit required, used when a deposit is part of the option arrangement

2. Planning Permission: Include when the option exercise is conditional on obtaining planning permission

3. Environmental Matters: Required when environmental issues are relevant to the property

4. Development Obligations: Used when the option is connected to development requirements

5. Assignment: Include if parties want to allow/restrict transfer of option rights

6. Break Rights: Include when early termination provisions are required

7. Tax Provisions: Detailed tax arrangements when complex tax implications exist

8. Conditions Precedent: Include when option exercise is subject to specific conditions

Suggested Schedules

1. Property Description: Detailed legal description of the property including maps and plans

2. Form of Option Notice: Prescribed form for exercising the option

3. Purchase Price Calculation: Formula or mechanism for calculating the purchase price if not fixed

4. Title Documents: List of relevant title documents and encumbrances

5. Planning Documents: Relevant planning permissions and applications if applicable

6. Environmental Reports: Summary of environmental surveys and reports if relevant

7. Permitted Use: Details of permitted use of the property during the option period

8. Development Specifications: Details of any required development works if applicable

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Confidentiality
Option Grant
Duration
Exercise Mechanism
Purchase Price
Title Warranties
Property Access
Due Diligence
Conditions Precedent
Completion Requirements
Assignment
Force Majeure
Termination
Notices
Representations and Warranties
Indemnification
Insurance
Planning and Development
Environmental Compliance
Property Maintenance
Deposit
Default
Remedies
Governing Law
Dispute Resolution
Entire Agreement
Severability
Costs
Registration
Tax
VAT
Further Assurance
Variation
Waiver
Third Party Rights
Counterparts
Relevant Industries

Real Estate

Property Development

Construction

Commercial Property

Residential Property

Urban Development

Property Investment

Infrastructure

Agriculture

Retail

Industrial

Relevant Teams

Legal

Real Estate

Property Development

Investment

Finance

Commercial

Acquisitions

Planning

Operations

Risk Management

Relevant Roles

Real Estate Lawyer

Property Developer

Investment Manager

Real Estate Agent

Property Manager

Land Acquisition Manager

Development Director

Legal Counsel

Contract Manager

Property Investment Analyst

Real Estate Fund Manager

Commercial Director

Finance Director

Planning Consultant

Real Estate Partner

Industries
Land and Conveyancing Law Reform Act 2009: Primary legislation governing real estate transactions in Ireland, including requirements for contracts relating to land, formal requirements for property transfers, and rules about real estate interests
Registration of Title Act 1964: Regulates the registration of property titles and interests in land, which is crucial for option contracts as they create an interest in land
Stamp Duties Consolidation Act 1999: Governs the stamp duty implications of property transactions, including option agreements related to property
Civil Law (Miscellaneous Provisions) Act 2011: Contains various provisions affecting property law and contracts in Ireland, including amendments to previous property legislation
Statute of Frauds (Ireland) 1695: Though ancient, still relevant as it requires contracts concerning land to be in writing and signed
Planning and Development Act 2000: May be relevant if the option relates to property development or if planning permission affects the exercise of the option
Consumer Protection Act 2007: Applicable if one party is a consumer, providing additional protections and requirements for the contract
Electronic Commerce Act 2000: Relevant for electronic signatures and electronic commerce aspects of the contract, if applicable
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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