Exclusivity agreement for the sale and purchase of freehold and/or leasehold land
An exclusivity agreement, also known as a lock-out agreement, for the sale and purchase of freehold and/or leasehold property. This standard document is drafted to strike a reasonable balance between the seller and the prospective buyer. It is intended for use in property transactions where the seller agrees not to negotiate with any other party for a specified exclusivity period, providing the buyer with a clear window to proceed with the transaction. The agreement outlines the mutual obligations of both parties. It addresses the seller's duty to provide necessary transaction documents and cease marketing the property, and the buyer's responsibility to advance the purchase process. This standard document also covers crucial aspects such as consideration, the definition of the exclusivity period, termination rights, and potential remedies in the event of a breach.
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