Option Agreement Guide

An Option Agreement can be defined as a right or privilege, which works as a continuing offer, given in exchange for consideration (something of value) in order to purchase or lease property or any kind of commodity or product at an agreed price and terms within a specified time.

Also, a common type of option agreement can be found within the real estate sector, where one party purchases the right to have the first chance of purchasing property at a specific price and at some time in the future.


Example of an Option Agreement

The seller can state to the purchaser, “If you pay me €1,000.00 today, I agree to sell the Yacht called “Sea Regal” to you for €100,000.00 on the condition that you pay the €100,000.00 within forty five days.” If the buyer pays the €1,000.00, a unilateral contract is established, and the offer is binding. The seller of the Yacht called “Sea Regal” is obliged to perform if the buyer pays the €100,000.00 within forty five days.

Parparinos Milonas Corporate and Legal Consultants can produce such an agreement for your, which can be tailored to suit your needs. A detailed piece of document will be drafted, taking into consideration all relevant terms and conditions that must be included in such an agreement so as to allow you to complete your transaction smoothly and effectively.