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The option agreement is basically stating that you will agree to sell the property for £70,000 and provided your Buyer's Survey does not show any problems and there are no issues with the legal title to the property (clause 8), you are legally bound to sell the property to the Buyer and no one else, provided your Buyer completes the Sale within 26 weeks.
Your Buyer will pay you the £1 and upon completion of the Sale they will then pay £69,999.
I hope this clarifies matters.
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