Net Lawman have options to buy many assets. These are options to buy land (real property). We also have an option suitable for intellectual property (set up for a domain name) and one suitable for “goods” (set up for a horse). Here is our full list of option agreements.
When to use:
All these contracts will take effect to create a valid option to buy land. If the option is asserted, the contract is made. Similarly with the conditional contract, the agreement is automatically fulfilled on the event of the condition.
The standard version NZ-PR303 is most fitting for dealing with a land owner who is happy with legal documents, or with his solicitor.
NZ-PR301 is as NZ-PR303, but with built-in provision for an extension of the option period in exchange for an additional payment to the Seller. This rewards the Seller for waiting longer.
NZ-PR302 is as NZ-PR303, but with built-in provision for increasing the exercise price in proportion to the increased value of the land, thus returning a “fair” proportion of the increase to the seller, regardless of the level of success of any scheme.
NZ-PR304 is as NZ-PR303, but with warranties and “legal” provisions reduced. This recognises that many land owners may be reluctant to sign an agreement which appears too legalistic.
NZ-PR305 is as NZ-PR304, but even simpler. It contains only the basic points necessary to create a valid option and buy the land.
NZ-PR311 is a conditional contract - the entire deal is under contract and both sides are bound - subject only to one or more conditions being met, such as a grant of planning permission.
These agreements are suitable for:
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any type of land - field, farm, shop, garage, house, derelict site, or other land
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any situation where an option is required. If land is to be bought for a large scheme, then NZ-PR301, 302, or 303 will be appropriate. If the land owner may be reluctant or the land value small, the NZ-PR304 or 305 will be suitable.
These Agreements include the following provisions:
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All the variable matters in one place for ease of completion;
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The essence of the agreement;
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Calculation of price or additional price or extended option;
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Buyers warranties;
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Sellers warranties;
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Confidentiality;
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Indemnities;
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and many other usual provisions to protect your interest.
