We act for both developers and land owners in negotiating Option Agreements and Overage Agreements.
An Option Agreement gives a developer the right to buy a piece of land within a specified period e.g. 5 years. This is often used for speculative development proposals. Options can range from the very simple, just giving the buyer an absolute right to buy at a future time of their choosing, to the complex, requiring the buyer to apply for planning permission or to acquire additional land or rights.
Option and Overage Agreements
An Overage Agreement can be used where the seller is concerned that the land they are selling may have further development potential. The Overage Agreement will require the buyer to pay further monies to the seller if they obtain a further or enhanced planning permission to develop the land in the future.
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