Pre-emption agreement (incorporating the Standard Commercial Property Conditions (Third Edition - 2018 Revision))

by Practical Law Property

An agreement for use where a seller grants a buyer the right of pre-emption, allowing the buyer to purchase a property if the seller decides to dispose of it within a specified period. This standard document outlines the terms and conditions governing the right of pre-emption, including definitions of key terms such as Acceptance Date, Offer Notice, and Purchase Price. It specifies the process for the buyer to accept the seller's offer, including serving an Acceptance Notice and paying a deposit. The agreement also addresses the determination of the property's market value, which serves as the purchase price, and the appointment of an expert if the parties cannot agree on this value. Additionally, the document includes provisions for the registration of the right of pre-emption, insurance obligations and the exclusion of certain conditions from the Standard Commercial Property Conditions (Third Edition - 2018 Revision). This document is essential for parties involved in property transactions seeking to secure a pre-emptive right to purchase.