All Topics / Help Needed! / Wording in option to buy document.

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  • Profile photo of kerwynkerwyn
    Member
    @kerwyn
    Join Date: 2004
    Post Count: 145
    September 26, 2004 - 4:00 am

    Hi All
    Does anyone know what wording you should have in an option to buy document? I know that the lease part can be your standard garden variety lease form, but what wording goes in the option part? I have talked to solicitors who do these leases but they are reluctant to disclose what is in the option part. As I am about to do my first L/O soon I want to be fully aware of what I am getting into and I can’t find any info on the actual documentation. Steve’s wrap pack only deals with wraps not L/Os and I can’t do wraps in my state; so I am in a bit of a quandary, any help would be appreciated.

    Kerwyn
    [confused2]

    Profile photo of SonjaSonja
    Member
    @sonja
    Join Date: 2004
    Post Count: 338
    September 26, 2004 - 8:06 am

    Although I don’t personally know the answer to your question, I’ve been doing a bit of research on the net and, if you are willing to part with a bit of cash Rick Otton has a Lease/Option home study pack. I’d imagine that it would have all that and more for the price he is asking.

    http://www.rickotton.com/lease.htm

    If anyone has seen this product I’d be interested in your thoughts on it. Is it worth the money? What about Rick Otton himself – is he a reputable “guru”?

    Sorry Kerwyn but this is the best I can offer you ATM.

    Kind Regards
    Sonja

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    September 26, 2004 - 9:46 am
    Originally posted by Sonja:

    If anyone has seen this product I’d be interested in your thoughts on it. Is it worth the money? What about Rick Otton himself – is he a reputable “guru”?

    Hi Sonja,

    I suggest a search of posts by FW (Felicity) she has recommended RO is the past.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 27, 2004 - 11:07 am

    I take it you are in SA, so you have to be very careful there that your option agreement is structured correctly so that it cannot be interpreted as a terms agreement. I am not sure, but beleive that if you structure it with weekly rent credits which act like a PI loan would, then it would not work under the SA law. So I suggest you do not do this by yourself, and go get a good lawyer.

    Anyway, the option agreement should clearly list the parties, interpretations of terms, the option fee, the period, the excerice and the price they will pay. etc.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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