Option to Buy

An option gives you the option but not the obligation tto buy the property, so you don’t have to write in any “subject to” clauses, such as the subject to zoning clause. If you are trying to get out of the option fee all together if the property does not get rezoned, this will not happen, because the vendor has nothing to gain from it.

As for a fair option fee, this depends on 3 things. 1) The value of the thing you are buying, 2) The price you are willing to pay, and 3) How long you want the option for. If you were willing to pay above market value for example, the vendor would proberbly take a very low option fee for a fair time… etc.

There is not really a formula to work out an answer, you just need to put in an offer close to something you think he would accept, and negotiate from there.

Dan.

The most important thing is to make the most important thing, the most important thing.

Anon.