Notice of Exercise of Option over Land
This Notice of Exercise of Option over Land can be used by a buyer to exercise an option contained in an option agreement.
Reference should be made to the relevant option agreement to ensure that the notice contains all the required information. This template gives details of the option agreement and the property and states that the buyer is exercising the option. There is optional wording allowing the buyer to confirm that any conditions set out in the agreement (e.g. a condition that planning permission for development of the land be obtained) have been satisfied.
It is good practice to send the notice in duplicate so that the seller can sign and return one copy as evidence that the notice has been received.
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
This Notice of Exercise of Option over Land is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
Once you have purchased access to the appropriate document folder click on the “Download Document” button below. You will be asked what you want to do with the file. It is recommended that you save the document to a location of your choice prior to viewing.