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Exclusivity and lock-out agreements cover contracts made to keep a property deal open to one buyer or to reserve a property while terms are finalised. A solicitor in this area drafts, reviews and negotiates the terms, including the duration, any reservation or option fees, what happens if either side pulls out, and how liability and remedies are allocated if the agreement is breached. They also check for enforceability, ensure the contract aligns with conveyancing steps, and advise on risks if the seller entertains offers during the exclusivity period.
