Option Contract

Viewing 9 posts - 1 through 9 (of 9 total)

Nathan Houareau
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@the-general
Join Date: 2006
Post Count: 107
June 12, 2013 - 7:03 am
Hello everybody
I am chasing a rock solid option contract which I can use for development purposes. If anyone knows where I can get one would you please let me know?
Thank you
Nathan
Nathan Houareau
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RPI
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@rpi
Join Date: 2012
Post Count: 308
June 12, 2013 - 10:42 am
Hi Nathan
A lawyer who does options would be the best bet.
RPI | Certus Legal Group / PRO Town Planners
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Corey Batt
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@cjaysa
Join Date: 2012
Post Count: 1,010
June 12, 2013 - 11:11 am
RPI, is that an area you delve in?
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shereebecker
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@shereebecker
Join Date: 2004
Post Count: 31
June 12, 2013 - 12:21 pm
Hi Nathan,
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.
Cheers
Sheree
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
June 12, 2013 - 12:57 pm
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…
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Nathan Houareau
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@the-general
Join Date: 2006
Post Count: 107
June 13, 2013 - 4:41 am
Ok. Property Lawyer would be the best option.
Does anyone know any lawyers in Perth who specialise in property options?
Thanks heaps
Nathan Houareau
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RPI
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@rpi
Join Date: 2012
Post Count: 308
June 13, 2013 - 5:13 am
Yes,
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.
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Paul Dobson
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@pauldobson
Join Date: 2003
Post Count: 1,196
June 13, 2013 - 5:23 am
Hi Nathan
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
Charthill Legal
88 Cresswell Rd
Dianella, WA 6059
Phone: (08) 9375 5161
(m) 0417 921 428
Cheers, Paul
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Markd123
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@markd123
Join Date: 2013
Post Count: 2
July 19, 2013 - 3:46 am
If you're based in NSW then the best according to a "baby judge" I know is a guy in double bay (who I have used before) and who's details I can dig up if need be.
Regards
Mark