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The Option To Purchase Agreement is a crucial document in UAE real estate transactions, providing a structured framework for securing future property acquisition rights. This agreement is particularly valuable in the UAE's dynamic property market, where buyers may need time to arrange financing or conduct due diligence while securing their interest in the property. The document must comply with UAE Civil Code, relevant emirate-specific property laws, and Sharia principles, making it distinct from similar agreements in other jurisdictions. It's commonly used in commercial real estate transactions, property development projects, and investment deals where parties need to lock in purchase rights while maintaining flexibility on timing. The agreement typically includes specific provisions for option fees, exercise periods, and purchase terms, all structured to meet UAE legal requirements and market practices.

1. Parties: Identification of the Option Grantor (property owner) and Option Holder, including full legal names and addresses

2. Background: Context of the agreement, including brief property description and parties' intention to enter into an option arrangement

3. Definitions: Key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', 'Property', and 'Completion Date'

4. Grant of Option: Clear statement of the option grant, exclusivity, and confirmation that the property is free from encumbrances

5. Option Fee and Payment Terms: Details of the consideration paid for the option and whether it forms part of the final purchase price

6. Option Period: Duration of the option, including start and end dates, and any extension mechanisms

7. Exercise of Option: Process and formalities for exercising the option, including notice requirements

8. Purchase Terms: Core terms that will apply if the option is exercised, including purchase price, payment terms, and completion timeline

9. Property Condition: Warranties regarding the current state of the property and any maintenance obligations during the option period

10. Termination: Circumstances under which the agreement can be terminated and consequences of termination

11. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant courts' jurisdiction