Option Agreement Land

Option Agreement Land Template for Germany

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Key Requirements PROMPT example:

"I need a German Option Agreement Land for a commercial development site in Berlin, giving us a 12-month option period starting March 2025, with the ability to extend for 6 months if planning permission isn't obtained within the initial period."

Document background

The Option Agreement Land is a crucial document in German real estate transactions, providing a structured framework for securing future property acquisition rights. This agreement type is commonly used when parties need time to arrange financing, conduct due diligence, or obtain necessary permits before committing to a full purchase. Under German law, the Option Agreement Land must be notarized and comply with strict formal requirements, including precise property descriptions and clear exercise mechanisms. The document is particularly valuable in development projects, strategic land acquisitions, and commercial real estate transactions where timing and certainty of purchase rights are essential. It includes detailed provisions about the property, price mechanisms, exercise periods, and completion requirements, all tailored to comply with German legal requirements and market practices.

Suggested Sections

1. Parties: Identification and details of the option grantor (property owner) and option holder, including full legal names, addresses, and registration details for legal entities

2. Background: Context of the agreement, relationship between parties, and general purpose of the option arrangement

3. Definitions: Definitions of key terms used throughout the agreement, including Property, Option Period, Option Price, and Completion Date

4. Grant of Option: Core terms of the option, including the explicit grant of the right to purchase the property

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

6. Option Price: Purchase price for the property if the option is exercised, including any adjustment mechanisms

7. Exercise of Option: Process and formalities for exercising the option, including notice requirements and compliance with German notarization requirements

8. Property Description: Detailed legal description of the property as registered in the Grundbuch (land register)

9. Completion: Process and requirements for completing the sale after option exercise, including timing and payment terms

10. Representations and Warranties: Standard warranties regarding property ownership, encumbrances, and authority to enter into the agreement

11. Costs and Taxes: Allocation of costs, including notary fees, land register fees, and real estate transfer tax

12. Notices: Format and delivery requirements for formal communications between parties

13. Governing Law: Confirmation of German law as governing law and jurisdiction provisions

Optional Sections

1. Development Conditions: Specific conditions relating to property development, used when the option holder intends to develop the property

2. Environmental Provisions: Specific provisions regarding environmental conditions and responsibilities, used when environmental issues are a concern

3. Existing Tenancies: Provisions dealing with existing tenants or leases, included when the property is currently let

4. Due Diligence: Provisions for property investigation and due diligence period, used when the option holder requires time for investigations

5. Planning Permissions: Conditions relating to obtaining necessary planning permissions, included when development is contemplated

6. Assignment Rights: Provisions regarding the right to assign the option, included when transfer rights are important to the option holder

7. Break Rights: Conditions under which either party can terminate the option early, included when flexibility is required

Suggested Schedules

1. Property Plan: Official cadastral plan showing the property boundaries and location

2. Land Register Extract: Current extract from the Grundbuch showing ownership and encumbrances

3. Form of Option Exercise Notice: Template for the formal notice to exercise the option

4. Purchase Price Calculation: Detailed breakdown of the purchase price and any adjustment mechanisms

5. Existing Encumbrances: List of existing encumbrances, easements, and restrictions on the property

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

7. Property Specifications: Detailed technical description of the property, including buildings and installations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Clauses

Relevant Industries

Real Estate

Property Development

Construction

Infrastructure

Commercial Property

Industrial

Retail

Hospitality

Renewable Energy

Manufacturing

Logistics

Urban Development

Relevant Teams

Legal

Real Estate

Property Development

Investment

Finance

Commercial

Operations

Corporate Development

Asset Management

Risk Management

Acquisitions

Strategy

Relevant Roles

Real Estate Director

Property Development Manager

Legal Counsel

Investment Manager

Land Acquisition Manager

Commercial Director

Project Manager

Real Estate Investment Analyst

Development Director

Asset Manager

Transaction Manager

Corporate Lawyer

Real Estate Partner

Site Acquisition Manager

Property Portfolio Manager

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