The next article in this series deals with methodology and intricacies and a third compares options to pre-emption agreements and conditional contracts. Option agreements and overtaking agreements can be positive for both the landowner and the buyer, but there are potential pitfalls that require careful navigation. If you need advice, do not hesitate to contact a member of our Commercial Property team. Ask yourself if you can help me. So here is this property that interests me, it is a commercial property worth 300K. It consists of several shops and offices, but it is supported by the main store leased to a bank whose lease expires at the end of this year. This bank has been in existence for almost 30 years. It belongs to a company whose only asset is this building. There is also a mortgage of about 185K of mortgages to unpaid. I am interested in buying it as a store/Going Concern and can buy it in cash.
The seller is ready to sell and I`m ready to buy, even if it`s not really on the open market yet. It should also be noted that the bank has already chosen the owner and also had its first appointment with the intention of extending. However, under a pre-emption agreement, the interested buyer has the right to be the first in the series to buy the land if the owner decides to sell within the subscription period. For the developer • Backing up an option agreement minimizes your risk. If obtaining the building permit takes longer than expected, you can be sure to have a legally binding agreement that prevents the seller from getting frustrated and selling the land to another buyer (see here) with regard to an article that defines all the planning conditions that a member of the planning committee must take into consideration, it can elicit a bit of sympathy, depending on the type of day you`ve had). • You may be can guarantee the final purchase price of the property in the option agreement.