Can anyone tell me if it is possible to sell an 'Option to Buy property' contract in Victoria. I will of course get my own legal advice before taking any action. But if anyone has knowledge of these matters please share!
Hi Jase and Flic
It depends how the Option To Purchase agreement was written. Some Options are written with an Assigment clause in them. This allows the original purchaser of the Option to Assign the Option to another party.
If the Assignment clause (or sometimes a Nomination clause) is there, you could Assign the Option for a price. How you structure the price you sell the Option for, is your business and usually doesn't require the approval of the initial grantor of the Option. Once again, you'd have to read the wording of the Option closely.
I hope this helps.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Thanks Paul
It helps a lot. When I speak to a solicitor to get a cotract drawn up, at least I will have a little bit better idea what questions to ask him/her. I had not heard of the "Assignment clause" until now, but it sounds like just what I might need.
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