Hi All,
Lots of questions about using options as I have never used them before:
Can an option be created to purchase part of a property? We are looking to purchase part of someone's land to boost up the amount of land required to meet the minimum land size for a subdivision and don't want to buy anything outright without council approval for subdivision so I thought an option may work.
Do you need to know the exact amount of land? Is there room for variation in the option eg. a price per sqm and up to 100sqm of land? Do you have a survey done first?
What is the approximate cost for an option to be drafted?
What is a reasonable and fair way to come up with a price for the land?
Lastly, does anyone have a recommendations for a reasonably priced lawyer who is experienced in options and subdivisions? I am Sydney based so ideally someone in Sydney.
Cheers
Rp2606
A Contract can have a variety of terms and conditions which if accepted by the seller can achieve what you want.
TerryW who is a regular contributor on the forum is a lawyer and based in Sydney.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Richard.
Yes you could have an option to purchase part of a property. There are many ways to structure the option and strike price. could be based on an average of 3 valuations, cPI increases or some round figure. cost to prepare an option agreement would be around $2,000 to $3,000 plus disbursements and GST.
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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