The Option To Buy Agreement serves as a crucial instrument in Indian business and real estate transactions, providing potential buyers with the flexibility to secure future purchase rights while conducting necessary due diligence or arranging financing. This document is particularly valuable in scenarios where immediate purchase isn't feasible or desired, but parties want to lock in the opportunity and terms for a future transaction. The agreement must comply with Indian legal requirements, including those under the Indian Contract Act, Transfer of Property Act, and relevant stamp duty laws. It typically includes detailed provisions about the option period, strike price, exercise mechanisms, and conditions precedent, while also addressing registration requirements if the option relates to immovable property. The document is commonly used in real estate development, corporate acquisitions, and investment transactions where parties need time to evaluate the opportunity or secure resources before committing to the full purchase.
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1. Parties: Identification of the option grantor and grantee, including full legal names, addresses, and registration details if companies
2. Background: Context of the agreement, relationship between parties, and brief description of the property/asset subject to the option
3. Definitions: Definitions of key terms used throughout the agreement, including 'Option Period', 'Strike Price', 'Property', etc.
4. Grant of Option: Express grant of the option rights, including exclusivity provisions if applicable
5. Option Period: Duration of the option, including start date and expiry date
6. Option Price: Amount payable for the option itself (if any) and payment terms
7. Exercise of Option: Procedure for exercising the option, including notice requirements and timing
8. Purchase Price: Price for the underlying asset if the option is exercised, including any adjustment mechanisms
9. Conditions to Exercise: Any conditions that must be satisfied before or upon exercise of the option
10. Completion: Process and timing for completing the purchase after option exercise
11. Representations and Warranties: Standard representations regarding authority, title, and capacity
12. Termination: Circumstances under which the option agreement can be terminated
13. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
1. Due Diligence: Right to conduct due diligence during the option period - include if due diligence hasn't been completed
2. Financing Conditions: Include if the option exercise is subject to financing arrangements
3. Registration: Include if the option agreement needs to be registered under Indian law
4. Property Maintenance: Include for property options to specify maintenance obligations during the option period
5. Assignment Rights: Include if either party needs the right to assign the option
6. Foreign Investment Compliance: Include if any party is non-Indian to ensure FEMA compliance
7. Tax Provisions: Include specific tax allocation provisions if needed
8. Multiple Assets: Include if the option covers multiple properties or assets with different terms
1. Property Description: Detailed description of the property/asset including legal description, title details, and encumbrances
2. Form of Exercise Notice: Template notice for exercising the option
3. Purchase Price Calculation: Detailed methodology for calculating the final purchase price, including adjustments
4. Due Diligence Requirements: List of documents and information to be provided for due diligence
5. Completion Checklist: List of actions and documents required for completion
6. Permitted Encumbrances: List of accepted encumbrances on the property/asset
7. Required Consents: List of third-party consents required for the transaction
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Manufacturing
Retail
Hospitality
Technology
Infrastructure
Agriculture
Mining
Industrial
Commercial Property
Investment & Banking
Energy & Resources
Relevant Teams
Legal
Real Estate
Mergers & Acquisitions
Business Development
Finance
Risk Management
Operations
Investment
Corporate Development
Property Management
Compliance
Strategy
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Manager
Property Developer
Investment Manager
Legal Counsel
Corporate Lawyer
Business Development Manager
Asset Manager
Acquisition Manager
Property Manager
Investment Analyst
Real Estate Broker
Commercial Director
Operations Director
Risk Manager
Company Secretary
Transaction Manager
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