First Option To Buy Agreement Template for Australia

1. Due Diligence: Included when the option holder requires rights to conduct property investigations during the option period

2. Property Access: Used when the option holder needs specific rights to access the property during the option period

3. Development Conditions: Included when the option is contingent on obtaining development approvals or permits

4. Maintenance Obligations: Required when specific property maintenance standards need to be maintained during the option period

5. Assignment Rights: Included when either party may need to transfer their rights under the agreement

6. Mortgage/Encumbrance Provisions: Used when the property has existing mortgages or encumbrances that need addressing

7. GST Provisions: Required for commercial properties or when GST implications need specific addressing

8. Foreign Investment Provisions: Included when either party is a foreign person or entity requiring FIRB approval

1. Property Description Schedule: Detailed description of the property including title details, boundaries, and inclusions/exclusions

2. Option Exercise Notice: Pro-forma notice for exercising the option

3. Contract of Sale: The form of contract that will apply if the option is exercised

4. Special Conditions: Any special conditions that will apply to the sale if the option is exercised

5. Due Diligence Checklist: List of investigations and searches to be conducted during due diligence (if applicable)

6. Existing Encumbrances: Details of any existing mortgages, easements, or other encumbrances affecting the property