A Lockout agreement is essentially an agreement that a future sale between a property buyer and seller will take place.
A lockout agreement allows the buyer exclusive rights to the sale of that property within a certain time period. Our Commercial Property team can help you secure a lockout agreement.
Protecting the buyer
Having a lockout agreement in place helps the buyer of a property as it will prevent the seller from negotiating with any other potential buyers during the period of the lockout. This will also stop the seller from accepting a higher offer and leaving the original buyer left high and dry.
What should a Lockout Agreement include?
During the lockout agreement the buyer may proceed with the conveyancing process which includes pre-contract searches, enquiries and inspections. It is advisable for the buyer to keep the seller aware of any relevant information during the process.
If you would like to know if a lockout agreement would work for you, please get in touch with our commercial property team who can help guide you through the process.
We can also help you with any of the following: