A lock out agreement is where the seller gives the buyer exclusivity over the purchase of the land or property after the offer has been accepted. This allows the buyer to go about making their checks on the property without the fear that another buyer will make a better offer and purchase the property before them. The lock out agreement gives the buyer a time frame to purchase the property.
Although there are several types of lock out agreement templates available on the internet or at legal stationers, it is important to know that these are contractually binding documents and it is best to seek legal advice. The seller does not legally have to prioritise your offer despite it being first. However, if a lock out agreement is arranged, they will give you a reasonable amount of time to make your arrangements for the exchange of contracts.
Lock out agreements help the buyer to make their purchase by allowing them time to make necessary preparations. If you require advice on lock out agreements, please get in touch with one of our property experts. We appreciate that purchasing property is an exciting but daunting process and we are here to assist you.
What do I do next?
Contact us online or speak to one of our experienced property lawyers on 0207 998 7777 for a free initial consultation. With our vast experience in the field, our team will work with you to ensure this process runs as smooth as possible. All information you provide us with is treated with the utmost confidentiality.
We will contact you no later than the next working day to arrange a meeting at our offices in London W1 to advise on the agreement.