The Option To Purchase Contract is a strategic instrument in Austrian property transactions, providing a potential buyer with exclusive rights to purchase specific property under predetermined terms within an agreed timeframe. This document is particularly useful when parties need time to arrange financing, conduct due diligence, or secure necessary approvals before committing to a full purchase. It must comply with Austrian Civil Code requirements and typically includes detailed provisions about the property, purchase price, option period, and exercise mechanisms. The agreement is commonly used in commercial real estate transactions, development projects, and strategic property acquisitions, offering protection to both the option holder and grantor while maintaining flexibility in the transaction timeline.
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1. Parties: Identification and details of the option grantor (seller) and option holder (potential buyer)
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement
4. Subject Matter of the Option: Detailed description of the property or asset subject to the option
5. Option Period: Duration of the option and specific dates for validity
6. Option Price: Amount payable for the option right itself
7. Purchase Price: Agreed purchase price for the property when the option is exercised
8. Exercise of Option: Process and formalities for exercising the option
9. Payment Terms: Terms and conditions for both option price and purchase price payment
10. Representations and Warranties: Statements and guarantees about the property and parties' authority
11. Transfer of Title: Process and requirements for property transfer upon option exercise
12. Costs and Taxes: Allocation of transaction costs, fees, and tax obligations
13. Governing Law: Confirmation of Austrian law application and jurisdiction
14. Notices: Communication procedures between parties
15. General Provisions: Standard legal provisions including severability and entire agreement
1. Due Diligence: Terms for property inspection and document review, used when the buyer needs investigation rights
2. Financing Conditions: Include when the option exercise is contingent on securing financing
3. Property Maintenance: Obligations regarding property maintenance during the option period, relevant for longer option terms
4. Assignment Rights: Terms for transferring the option rights, if permitted
5. Break Fees: Penalties for early termination, if applicable
6. Existing Tenancies: Details of current tenants and leases, necessary for occupied properties
7. Environmental Provisions: Special terms regarding environmental conditions, important for industrial properties
8. Development Rights: Terms regarding property development during the option period, relevant for undeveloped land
1. Property Description: Detailed legal description and plans of the property
2. Land Register Extract: Current extract from the Austrian land register (Grundbuchauszug)
3. Option Exercise Notice: Template form for exercising the option
4. Purchase Price Calculation: Detailed breakdown of the purchase price and adjustments
5. Due Diligence Documents: List of documents provided for review
6. Property Certificates: Relevant property certificates and permits
7. Existing Encumbrances: List of current mortgages, easements, or other encumbrances
8. Property Plans: Building plans, site surveys, and technical drawings
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Industrial
Retail
Hospitality
Agriculture
Manufacturing
Infrastructure
Energy
Healthcare
Education
Relevant Teams
Legal
Real Estate
Property Management
Corporate Development
Mergers & Acquisitions
Finance
Investment
Business Development
Risk & Compliance
Operations
Relevant Roles
Real Estate Manager
Property Developer
Commercial Director
Legal Counsel
Corporate Lawyer
Investment Manager
Asset Manager
Facilities Manager
Business Development Director
Chief Financial Officer
Real Estate Investment Director
Property Portfolio Manager
Acquisition Manager
Development Director
Risk Manager
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