Conditional and Unconditional Contracts
Conditional contracts are used to add conditional terms to the exchange of contracts. Typically they are used when buying or selling land.
Unconditional contracts mean the buyer and seller are legally obligated to exchange contracts without any conditions, such as a cooling-off period or survey results. Effectively you are waiving your rights, therefore it is important you seek legal advice first.
Attwells Solicitors are property law excepts. Being a law firm we are able to offer sector-specific advice. This includes property and land development law. We are rated as excellent by ReviewSolicitor are our customer service and value for money. In addition, we offer fixed-fee services to developers and business owners.
What is a conditional contract?
In contrast to an unconditional contract, a conditional contract include specific conditions that must be met for the exchange of contracts to occur. If the conditions are not met by the buyer or seller they are under no legal obligation to exchange contracts.
Typically developers will use conditional contracts to ensure suitable planning permission is obtained.
What you can expect when instructing Attwells Solicitors
Different types of contacts
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:
Option Agreements
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.
Overage Agreement
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.
I am an alumni of the Goldman Sachs 10KSB fastest growing businesses programme.
I share my time between Attwells’ three offices in Ipswich, Colchester, and London.
I am a commercial lawyer with particular expertise in commercial property and land development. My clients range from local SMEs to larger national clients and FTSE 250 companies.
Clients value my strategic thinking, ability to explain complex legal principles in plain English, and energetic approach to their matters.
Conditional and Unconditional Contracts
Attwells Solicitors are property law experts – we understand that property developers are keen to know the latest property news but don’t necessarily have the time to unpick the jargon. Thankfully we simplify the law. If you would like to read our latest article, please subscribe.
5 tips for commercial landlords dealing with dilapidations
Review the Lease You should review your Lease as a landlord to check what you are allowed to do if the Tenant's self-help remedies are exhausted, or the Tenant isn't complying with the Lease. [...]
What to Consider When Buying or Selling Land
Buying or selling land can be a significant milestone in one's life or business venture. However, it's a complex process that requires careful consideration and attention to detail. Whether you are a prospective buyer [...]
What is an Option Agreement?
A landowner and a developer can enter into an option agreement, which grants the developer the chance (without any obligation) to purchase the land within a specified timeframe. This agreement, a legally binding contract, [...]
