Lease option contract

Viewing 14 posts - 1 through 14 (of 14 total)

gags327
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June 19, 2013 - 6:13 am
Can anyone please tell me from experience what time frame a lease option should be able to be drwan up and signed off on by both parties?
gags327
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RPI
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Join Date: 2012
Post Count: 308
June 19, 2013 - 9:30 am
Do you mean an option in a lease
Or a rent to buy type agreeement.
Depends on your relationship with solicitor, where they in their workload, court time etc.
Normally a few days if it is urgent.
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gags327
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June 19, 2013 - 10:30 am
I mean a rent to buy agreement. Obviously my relationship with my solicitor isn't too good, as I was of the belif of a couple of weeks would be plenty of time. We are now up to 6 weeks with the so called expert. All monies payed up front before he would even start, and I might add the most expensive we have come across so far, now lucky to get a response.
gags327
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Terryw
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June 19, 2013 - 11:51 am
24 hours should be doable.
Incidently, what did you pay and which state?
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gags327
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June 20, 2013 - 4:26 am
It is in QLD. payed 2k for each contract. We had the contract drawn up then the first person pulled out so basically the contract was ready to go.
gags327
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Terryw
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June 20, 2013 - 6:19 am
Speak to RPI who posted above. RPI is a QLD property lawyer.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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gags327
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June 21, 2013 - 3:05 am
Will do next, thanks guys.
gags327
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RPI
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June 24, 2013 - 2:02 am
Thanks Terry
We charge $1500, don't charge if it doesn't go through.
Timeframe depends on how busy the practice is. I have been running at a week or 2 lately but have employed an additional solicitor today so will be back to a day or 2.
regards
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JT7
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Join Date: 2010
Post Count: 286
June 24, 2013 - 5:12 am
RPI wrote:
Thanks Terry
We charge $1500, don't charge if it doesn't go through.
Timeframe depends on how busy the practice is. I have been running at a week or 2 lately but have employed an additional solicitor today so will be back to a day or 2.
regards
Hi Darryl,
Do you construct option type contracts specifically in Queensland and/or Australia wide?
I know each state has it's own legislation and issues which can be difficult to navigate.
Cheers,
Jack
Richard Taylor
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June 24, 2013 - 6:04 am
Hi Jack
Darryl prepares all of mine and legislation is National.
Difference is the Call Option inside the Option Contract relates to the State where the security is located.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
RPI
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June 24, 2013 - 10:48 am
Hi JT7
All has to be National Consumer Credit Protection Act compliant now, so Australia wide. The main difference for us is we don't do the conveyance out side of QLD when exercised and we have to adapt the Power of Attorney Act references.
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JT7
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June 24, 2013 - 11:15 am
Qlds007 wrote:
Hi Jack
Darryl prepares all of mine and legislation is National.
Difference is the Call Option inside the Option Contract relates to the State where the security is located.
Cheers
Yours in Finance
Hey Richard,
Fantastic that killed two birds with one stone so to speak…..
So much easier making war plans over a Filet Mignon and good wine Richard….
Me feels a trip up to Brissy is a brewing….
Jack
JT7
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June 24, 2013 - 11:20 am
RPI wrote:
Hi JT7
All has to be National Consumer Credit Protection Act compliant now, so Australia wide. The main difference for us is we don't do the conveyance out side of QLD when exercised and we have to adapt the Power of Attorney Act references.
Hi Darryl,
thanks for the heads up….
I see all the networks are in place. I Had a sneaky suspicion you might have been acquainted with Sir Richard….
Good to know.
Cheers mate,
Jack
gags327
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@gags327
Join Date: 2008
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July 4, 2013 - 10:19 am
Sounds great, will be in touch next time darryl. My first one didn't go through, so got stung twice. Anyway you live and learn. 2 months later looks like being completed.
gags327
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