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Property Options Contract

Property Options Contract Template for India

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Key Requirements PROMPT example:

Property Options Contract

"I need a Property Options Contract for a commercial plot in Mumbai's business district, giving our development company a 6-month option period starting January 2025, with a purchase price of INR 50 crore and including provisions for conducting soil testing and environmental assessments during the option period."

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Document background
The Property Options Contract serves as a crucial instrument in Indian real estate transactions, providing a mechanism for securing future property rights while maintaining flexibility. It is commonly used when parties wish to lock in a potential property transaction without immediate commitment to purchase. This document type is particularly valuable in scenarios involving property development, investment planning, or strategic land acquisition. The contract must comply with Indian legal requirements, including the Transfer of Property Act, 1882, and state-specific stamp duty laws. It typically includes detailed provisions about the property, option terms, exercise conditions, and price mechanisms. The agreement protects both the option grantor's property rights and the option holder's future purchase rights, making it essential for property developers, investors, and businesses planning future expansion.
Suggested Sections

1. Parties: Identification and details of the option grantor (property owner) and option holder

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

3. Definitions: Definitions of key terms used throughout the agreement

4. Grant of Option: Core terms of the option grant, including type (put/call) and exclusivity

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

6. Option Fee: Details of the consideration paid for the option and whether it's adjustable against purchase price

7. Exercise of Option: Process and formalities for exercising the option

8. Purchase Price: Agreed purchase price or mechanism for determining it

9. Property Condition: Status and maintenance requirements during the option period

10. Representations and Warranties: Standard declarations by both parties regarding their capacity and the property

11. Governing Law and Jurisdiction: Confirmation of Indian law application and jurisdiction

12. Notices: Process for formal communications between parties

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

Optional Sections

1. Due Diligence: Terms for property investigation and verification - include if due diligence period is allowed

2. Property Development: Include if the option holder has rights to develop or modify the property during the option period

3. Multiple Properties: Include if the option covers multiple properties with different terms

4. Assignment Rights: Include if either party has rights to assign the option to third parties

5. Mortgage/Encumbrance: Include if there are existing mortgages or if new ones are permitted during the option period

6. Force Majeure: Include if parties want specific provisions for unforeseen circumstances affecting the option

7. Broker/Agent Provisions: Include if real estate agents or brokers are involved in the transaction

Suggested Schedules

1. Property Description: Detailed legal description of the property including boundaries and registrations

2. Title Documents: List of title documents and their verification status

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

4. Payment Schedule: Detailed breakdown of payments including option fee, purchase price, and payment terms

5. Encumbrances: List of existing encumbrances, mortgages, or liens on the property

6. Due Diligence Checklist: List of documents and verifications required for due diligence

7. Property Plans: Architectural plans, site maps, or development plans if relevant

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Commercial Property

Residential Property

Industrial Property

Retail Property

Hospitality

Infrastructure

Mixed-use Development

Agricultural Land Development

Commercial Office Space

Warehousing and Logistics

Relevant Teams

Legal

Real Estate

Property Development

Corporate Development

Investment

Finance

Business Development

Facilities Management

Operations

Risk Management

Compliance

Strategic Planning

Relevant Roles

Real Estate Manager

Property Development Director

Legal Counsel

Corporate Lawyer

Investment Manager

Property Acquisition Manager

Real Estate Investment Analyst

Business Development Manager

Land Acquisition Specialist

Chief Financial Officer

Property Portfolio Manager

Real Estate Transaction Manager

Corporate Real Estate Manager

Site Selection Manager

Facilities Planning Manager

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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