Development and Option Agreements
There may come a time when you wish to engage a developer to develop part of your land or a developer approaches you wanting to purchase part or all of your land for development. Development and option agreements can be complex and any mistakes in their drafting can be extremely costly.
We can assist you with the negotiating and drafting of these agreements and ensure that your interests, either as a landowner or a developer are protected.
Development Agreements
A development agreement is used where a landowner wishes to engage a developer to carry out development on their behalf on land they already own. As this agreement governs the relationship between the developer and the landowner it should cover all major points including:
- Warranties
- Insurance
- Planning permission
- The time it will take to complete the project and any extensions
- Details of compensation for any extensions
- Licences to be granted
- Development costs
- A disputes resolution procedure
Option Agreements
An option agreement is an agreement between a prospective purchaser and a landowner. A basic agreement states that the prospective purchaser (often a developer), in exchange for a non-refundable deposit, has the option to purchase the property covered by the agreement within a certain time-frame or after a certain event (for example the granting of planning permission) has taken place.
Do you need legal advice regarding a Development or Option Agreement?
Our pro-active, experienced team of lawyers will ensure that your development or option agreement is drafted in a way that protects your interests. We understand that drafting agreements requires an ability to listen to our client’s needs and pay attention to the details regarding the wording of the contract to ensure that there are no unpleasant surprises.
