Was wondering if anyone with past knowledge of options could help me with writing the clauses for an option i have negotiated. I have got a unit in brisbane locked up i have to provide 5000 dollars deposit and 350 a week for a lease over 12 months. My plan is to sub rent the unit for six months and then on sell the option without actually having my name on the titles.
Anyone with any knowledge in this area that wants to help would be muchly appreciated.
Cheers Bell 432
You will need a bit more than an extra clause.
You will need a whole option contract which will run into many pages. You will also need a contract of sale drawn up which will be come into play when the option is exercised. You will also need a lease to tie in too.
A good lawyer should be able to draw these up for you. If you do it yourself you will run the risk of the option seller being able to get out of the deal because of mistakes.
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
Hi Bell
I strongly agree with Terry, i.e. get a solicitor to do it. The solicitor we use for Lease/Options in Qld is:
Tom Forster
Litigation Law Queensland
PO Box 1919, Broadbeach, Qld 4218
Phone: 0428 777 007
Fax: 5591 5571
Email: [email protected]Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Bell,
Can't agree with Terry & Paul more. You MUST have this drawn up correctly for your protection.
You will require an Option Agreement or a Licence to Occupy, RTA lease form 18a, current residential contract (for unit under body corp specific). There will be other paperwork as well to put in place & it is imperative that you get it right. These are the bits of paperwork that if things go sour can save your bacon in a small claims court.
Hi bell,
agree with all other posters. get an options solicitor to do this. Ive heard of nasty mistakes of people drawing uo their own agrreements, copying and pasting from others that are not relevant to their deal and even doing agreements on napkins (crazy!). Sounds like you’re wanting a call option with a right to occupy and on sell to third party.
Also what is the purpose you are wanting to do the option? Are you improving the premises during the option period or…..? If you are simply renting and wanting to sub let you don’t need to option a property to do this. Firstly you’d be 5k in front. So just wasn’t sure….?
Also 5k sounds like your option fee, not the deposit right as you are not buying the property yourself? Hopefully have provided some food for thought.
Thanks Paul for providing the details of a solicitor you’ve used for options before.
Caroline Edson wrote:Hi Bell,Can't agree with Terry & Paul more. You MUST have this drawn up correctly for your protection.
You will require an Option Agreement or a Licence to Occupy, RTA lease form 18a, current residential contract (for unit under body corp specific). There will be other paperwork as well to put in place & it is imperative that you get it right. These are the bits of paperwork that if things go sour can save your bacon in a small claims court.
Bell, Caroline is quite right in the documentation she has advised you will need. Not sure if you sought legal help but you can try Tony Cordato. Have used him before & he is very efficient & knowledgable.
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