Fast Track Option Agreements

We keep hearing horror stories about deals and opportunities lost because of the delay in the legal process and we think we have found a possible solution which would be of interest to developers and landowners alike. We can get an option agreement exchanged on hotly sought after site in as little as 24 hours. This fasttrack service obviously requires us to drop everything and attend an all parties meeting to accelerate the usual lengthy process of drafting, negotiating and amending an Option Agreement and so there is a slight premium added to the standard fee for this special expedition. Searches and title investigation can either be left till after exchange or an exchange can proceed on the basis of title investigation only. If searches later prove to be adverse, then the Agreement gives the developer a right to rescind. We have been using a precedent from an organisation called PLC which attempts to strike a fair balance between landowner and developer and most large firms would instantly recognise the agreement. This greatly speeds up the process of agreeing the document. If a landowner does not have a particular solicitor who he insists on using, we can recommend some small firms who are familiar with the PLC option agreement and would be happy to drop everything to see a rapid exchange of the Option Agreement. When negotiating the option with the landowner, it might be a further incentive for the landowner to use one of the smaller firms we can recommend if the developer offers to pay their legal fees. If you would like further details contact me via the blog or my partner, Karl Reynolds at karl.reynolds@trethowans.com.