Does anyone know any GOOD melbourne Solicitor who knows about options for property and have been writing them? thanks
Merry Christmas!
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I suggest to keep things simple, Fullout.
There are two kind of options.
A simple one page option which just details the property, a price and a time within which the option should be exercised etc. (which your solicitor will say about that it isn’t detailed enough).
Or an option created by your skillful, knowall, theorising solicitor which perhaps is as much as twelve or thirteen pages long.
The problem is that if one wants to place too many dots on the iii’s the document becomes so complicated that the person who has to sign the document will refuse to sign because he becomes frightened.
When he therefore consults his solicitor the solicitor will do him a big so called favour by talking him out of granting the option thus making his client miss out on a sale.
So the choice, Fullout is really between a simple option which is so simple and straightforward that the option writer will be happy to sign it there and then or a complicated, detailed one which will never be signed.
Cheers,
Pisces133
I suggest to keep things simple, Fullout.There are two kind of options.
A simple one page option which just details the property, a price and a time within which the option should be exercised etc. (which your solicitor will say about that it isn’t detailed enough).
Or an option created by your skillful, knowall, theorising solicitor which perhaps is as much as twelve or thirteen pages long.
The problem is that if one wants to place too many dots on the iii’s the document becomes so complicated that the person who has to sign the document will refuse to sign because he becomes frightened.
When he therefore consults his solicitor the solicitor will do him a big so called favour by talking him out of granting the option thus making his client miss out on a sale.
So the choice, Fullout is really between a simple option which is so simple and straightforward that the option writer will be happy to sign it there and then or a complicated, detailed one which will never be signed.
Cheers,
Pisces133
Sorry to disagree Pisces
A simple one page option does not protect you, that’s why your solicitor wants a more detailed document.
Similarly the simple one page document will not protect the vendor and if he has half a brain he will also show this document to his solictor who would reject it.
Recently a few of our clients have bought substantial properties using options written by solicitors and the vendors have accepted them, Of course it takes a lot of eductaion to get a vendor to accept any type of option
Michael Yardney
Metropole Properties
http://www.metropole.com.auMichael we aren’t in disagreement at all.
I, more than most people, am very aware of pitfalls as I took a vendor to court and lost.
I didn’t lose the case based on the facts in the option so much as because the vendor was a lying kyote who said ‘Me no speake de english’.
His story was that he thought he was signing an agreement which allowed me to send a surveyor to measure the land rather than an agreement to sell the property.
This guy had been living in this country for some twenty years and ran a business !!
Today I would, with the consent of the other party, tape record the conversation for the benefit of my partner who is at home [
] and who unfortunately couldn’t make it here today.The side benefit is that such a tape recording will prevent the vendor winning a possible court case by telling lies stating that he didn’t understand what it was all about.
As far as the post by Fullout is concerned, we are talking about a simple house purchase here. The way I see it there is absolutely no need to have a document so complicated that it is likely that the deal doesn’t get off the ground.
Yes, there is a risk (as I personally have experienced) but there isn’t a guarantee either that a document prepared by a solicitor will necessarily keep us out of court.
Show me a document prepared by a solicitor and it won’t be difficult to find another solicitor who will shoot holes through it.
Anyone who doubts that only has to look at the courts which are full every day with people fighting and arguing they are right (and the other party is wrong).
Both parties have legal representation and advice yet half of them will lose their case.
So ultimately my reason for having a simple option agreement is to be pragmatic and get things done.
Pisces133
] and who unfortunately couldn’t make it here today.You must be logged in to reply to this topic. If you don't have an account, you can register here.
