An option agreement for use where a landowner is granting an option to buy a freehold commercial property within a fixed period.

The standard document assumes that the grantee is not intending to apply for planning permission before exercising the option.

The standard document can be used where the purchase price is either a pre-agreed fixed sum or will be calculated as the property's market value at the date on which the grantee exercises the option.

The standard document can be used for registered or unregistered land and incorporates the Standard Commercial Property Conditions (Third Edition – 2018 Revision) (SCPC) (with amendments).