Nathan HouareauParticipant@the-generalJoin Date: 2006Post Count: 107RPIParticipant@rpiJoin Date: 2012Post Count: 308Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010shereebeckerMember@shereebeckerJoin Date: 2004Post Count: 31
You should consult a solicitor ideally located in the state where the property is located. If you tell us your state i can suggest a few… or otherwise you can ring around all the solicitors in the area and ask for the property specialist in the firm. Ask them if they've ever done an option agreement, how many, have they ever had to go to court to enforce it and other due dilligence questions to put your mind at ease that it IS a rock solid contract. If they dont give the answers your looking for ring others til you find what you need. You'll probably find something among the commercial lawyers for that state.
ShereeTerrywParticipant@terrywJoin Date: 2001Post Count: 16,173
Best to see a property lawyer. Not all property lawyers would do litigation however, so even if someone has not been to court this may not mean anything. In fact a well drafted contract may mean there is no ambiguity and less disputes arise.
Also the option contract is only one part of it, the aother part is you knowing the contract and meeting all the requirements such as properly notifying the other party that you are exercising the option.
There was a recent case involing a restuarant in Darling Habour Sydney which involved an option to renew a lease. Millions were spent on a renovation and then the leaseholder failed to property notify the landlord they wished to renew the lease. the result was they were kicked out…Nathan HouareauParticipant@the-generalJoin Date: 2006Post Count: 107RPIParticipant@rpiJoin Date: 2012Post Count: 308
Both for my self and clients. Sometimes and option contract scares the seller and in those circumstances we just use a heavily amended standard REIQ contract with lots of conditions and a long settlement.Paul DobsonParticipant@pauldobsonJoin Date: 2003Post Count: 1,196
Jules does quite a bit of work for vendor financiers regarding Options. He should be able to help. His contact details are:
Jules Lewin – Solicitor
88 Cresswell Rd
Dianella, WA 6059
Phone: (08) 9375 5161
(m) 0417 921 428
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