sometimes expected things happen. You may do all that work and then lose your job just before settlement and can't get finance. You may get sued by someone and have a bad credit report etc. If you can't settle then all the repairs stay with the house, There may even be some sort of delay with finance and you miss the deadline to settle and the greedy vendor sees the increase in value and fails to give you an extension etc. You may forget to notify the exercise of the option by the relevant date etc. many things can happen.
There are a lot of books out there on options for shares, but not much for property. What there is for property is mainly legal type books such as:
Principles of Land Contracts and Options in Australia Author: C ROSSITER
or
The Law of Options and Other Pre-emptive Rights Author: Donald FarrandsOverview
This seminal work on options and other pre-emptive rights in Australia offers a one-stop resource for any legal or tax-based questions about the drafting, exercising and assigning of pre-emptive rights. Topics covered: pre-emptive rights generally; the nature of an option; elements of a valid option; exercising an option; assigning an option; remedies for breach of option; first rights of refusal; labelled pre-emptive rights bearing other characteristics; pre-emptive rights in joint venture agreements.
http://www.lawbooks.com.au/book/the-law-of-options-and-other-pre-emptive-rights.do
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry…
I'll check these books out and see what I can find.
I also found out this morning that the mentors I'm learning from have used Options in the past for some quick cash…I'll hit them up as well for some more info…
As with most things legal, best to do the research first and hit the books !!
Thanks for your comments…
Cheers,
Darren
Yes, good idea. I think it is good to do as much research as you can yourself before you go and see the lawyers/accountants etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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