An Option Agreement is where one person grants another person the exclusive right for a set time to buy a property normally at a set price. A non-refundable fee is normally charged for this option. During the term of the option, no one else can buy or sell the property. The property may then be purchased by exercising the option and entering into a pre-agreed form of contract or the option can be left to expire.
Option Agreements can either be Call Option Agreements (where the buyer has the only right to "call" for a contract to be entered into) or a Put and Call Option Agreement (where the buyer can "call" for a contract to be entered into or the seller can "put" the contract to the buyer). The form of Option Agreement used will depend on the circumstances.
Quinn & Scattini Lawyers have many years of experience in handling Option Agreements in Queensland. We have represented individuals with the sale and purchase of their homes, as well as large corporations and land developers with options relevant to major projects. We offer confidential, personal guidance and professional administration of documents, agreements and contracts.
We can be relied on to attend to Option Agreement specifics in a timely and practical manner, ensuring that wider elements of the project are considered.
Our Property Law Team can represent your interests in all property option concerns, large or small, giving you time to explore, thrash-out the details, consider alternatives, arrange finances, plan and negotiate.
Option Agreements Team
Duncan Murdoch - Director