The type of contract you require will depend on the result you desire and the risk you are willing to take. Normally risk is counterbalanced by money. Therefore typically the more risk you take the less you will pay. The trick here is to find a sweet spot, where the risk and cost are both reasonable.
Due to the complex nature of conditional and unconditional contracts, your lawyer may discuss other types of contracts with you. Our lawyers will do this if they feel your interest would be best served via another type of contract. Other types of contracts include:
An option agreement gives a potential buyer a right to purchase the land, provided they give notice to the landowner during an agreed period (the option period), usually in return for a sum of money (the option fee). If the notice is given by the buyer during the option period, the landowner has to sell the land to the buyer on the terms of the option.
An overage agreement is a legal agreement between to land buyer and seller. The agreement outlines an additional sum of money paid to the landowner, on up of the purchase price.
Typically this is when planning permission is obtained, although other events could be applicable.
In this event, the value of the land increases. Equally the buyer is able to build on the land. This is can be advantageous for both parties if an overage agreement is entered into.