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This Option Contract (Real Estate) is utilized when a potential buyer wishes to secure the right to purchase a property in India without immediately committing to the full purchase. It provides a mechanism for the option holder to evaluate the property and arrange financing while maintaining exclusive purchase rights. The document must comply with Indian real estate and contract laws, including the Transfer of Property Act, Registration Act, and RERA regulations where applicable. It's particularly valuable in complex real estate transactions where due diligence is required or when market conditions necessitate a staged approach to property acquisition. The agreement typically includes detailed property descriptions, option period terms, consideration amounts, exercise procedures, and purchase price mechanisms.

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

2. Background: Context of the agreement, relationship between parties, and brief description of the property and transaction purpose

3. Definitions and Interpretation: Key terms used in the agreement, including 'Option Period', 'Option Price', 'Purchase Price', 'Property', and interpretation rules

4. Grant of Option: Clear statement of the option rights being granted, including exclusivity provisions

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

6. Option Price and Payment: Amount payable for the option right and payment terms, including whether it's adjustable against the purchase price

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

8. Purchase Price: The agreed price for the property if the option is exercised, including any adjustment mechanisms

9. Title and Ownership: Confirmations regarding clear title and ownership rights of the property

10. Representations and Warranties: Standard warranties about property ownership, encumbrances, and authority to enter into the agreement

11. Termination: Circumstances under which the option agreement can be terminated

12. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes

13. Notices: Process for sending and receiving formal notices under the agreement

14. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability