The Option To Buy Land Agreement is a crucial document in Irish property transactions, commonly used when a potential purchaser needs time to investigate the property, arrange financing, or obtain necessary permissions before committing to a purchase. This agreement type is particularly valuable in development projects, land assembly schemes, or strategic property acquisitions where immediate purchase may not be feasible or desirable. It provides the option holder with security while conducting due diligence or seeking planning permission, while the landowner receives consideration for keeping the property off the market. The agreement must comply with Irish property law requirements and typically includes detailed provisions about the property, option period, purchase price, exercise mechanism, and any conditions precedent. It serves as a bridge between initial interest and final purchase, protecting both parties' interests throughout the option period.

1. Parties: Identification of the option grantor (landowner) and option holder (potential purchaser), including full legal names and addresses

2. Background: Context of the agreement, including brief description of the property and parties' intentions

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation

4. Grant of Option: Core provision granting the option to purchase the property, including the exclusivity period

5. Option Period: Duration of the option, including start and end dates, and any extension mechanisms

6. Option Fee: Amount payable for the option, payment terms, and whether it's refundable or forms part of the purchase price

7. Exercise of Option: Procedure for exercising the option, including notice requirements and timing

8. Purchase Price: Agreed purchase price for the property or mechanism for determining it

9. Property Details: Detailed description of the land subject to the option, including boundaries and any excluded elements

10. Title and Capacity: Grantor's warranties regarding ownership and authority to sell

11. Conditions Precedent: Any conditions that must be satisfied before the option can be exercised

12. Completion: Procedures and requirements for completing the sale if the option is exercised

13. Termination: Circumstances in which the agreement can be terminated and consequences

14. Notices: Requirements for giving valid notices under the agreement

15. General Provisions: Standard boilerplate clauses including entire agreement, variation, governing law