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Option Agreement Property

Option Agreement Property Template for Australia

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Key Requirements PROMPT example:

Option Agreement Property

"I need an Option Agreement Property for three adjoining commercial lots in Brisbane, with a 12-month option period and development approval conditions, where my company will pay $100,000 for the option to purchase the properties at a total price of $5.2 million by March 2025."

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Document background
The Option Agreement Property is a crucial document in Australian real estate transactions, providing a structured framework for property acquisition rights. It is commonly used when a potential purchaser needs time to conduct due diligence, arrange financing, or obtain development approvals before committing to a full purchase. The agreement grants the option holder exclusive rights to purchase the property under specified terms, typically in exchange for a fee. This document is particularly valuable in commercial property developments, strategic land acquisitions, and complex real estate transactions where immediate purchase may not be feasible or desirable. The agreement must comply with Australian property law requirements and state-specific regulations, and typically includes detailed provisions regarding option periods, exercise mechanisms, purchase prices, and conditions precedent.
Suggested Sections

1. Parties: Identifies and defines the parties to the agreement - typically the Option Grantor (property owner) and Option Holder

2. Background: Sets out the context of the agreement and the parties' intentions

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles

4. Grant of Option: Details the specific option rights being granted and any conditions attached

5. Option Period: Specifies the duration of the option and any extension provisions

6. Option Fee: States the amount payable for the option and payment terms

7. Exercise of Option: Describes the process and requirements for exercising the option

8. Purchase Price: Specifies the purchase price for the property if the option is exercised

9. Property Access: Outlines terms for accessing the property during the option period

10. Warranties and Representations: Sets out the warranties given by each party

11. Default and Termination: Specifies events of default and termination rights

12. Notices: Details how formal notices must be given between parties

13. General Provisions: Contains standard boilerplate clauses including governing law, entire agreement, etc.

14. Execution: Formal execution blocks for signing by all parties

Optional Sections

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

2. Development Conditions: Include when the option is conditional on obtaining development approvals

3. Multiple Properties: Include when the option covers multiple properties or staged acquisitions

4. GST Provisions: Include detailed GST provisions when the transaction is subject to GST

5. Foreign Investment Provisions: Include when either party is a foreign entity requiring FIRB approval

6. Confidentiality: Include when specific confidentiality obligations are required

7. Mortgage and Encumbrance Provisions: Include when the property has existing mortgages or encumbrances

8. Assignment Rights: Include when transfer of option rights needs to be addressed

Suggested Schedules

1. Property Description: Detailed description of the property including title details and encumbrances

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

3. Contract of Sale: Form of contract that will apply if option is exercised

4. Due Diligence Requirements: List of due diligence items and requirements

5. Special Conditions: Any special conditions applying to the option or subsequent sale

6. Permitted Encumbrances: List of permitted encumbrances on the property

7. Development Conditions: Specific development requirements or conditions

8. Property Plans: Relevant plans, drawings or surveys of the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreed Form
Business Day
Call Option
Completion
Completion Date
Contract for Sale
Deposit
Development Approval
Due Diligence Period
Effective Date
Exercise Notice
Exercise Period
Exercise Price
Expiry Date
FIRB Approval
GST
Grantor
Grantee
Guarantor
Improvements
Land
Option
Option Fee
Option Period
Outgoings
Permitted Encumbrances
Property
Purchase Price
Related Body Corporate
Related Entity
Security Interest
Settlement
Settlement Date
Title Documents
Transfer Documents
Valuation
Warranties
Relevant Industries

Real Estate

Property Development

Construction

Commercial Property

Residential Property

Investment Management

Banking and Finance

Retail

Industrial

Agriculture

Relevant Teams

Legal

Real Estate

Property Development

Commercial

Finance

Risk and Compliance

Project Management

Investment

Acquisitions

Asset Management

Relevant Roles

Property Manager

Real Estate Developer

Investment Manager

Legal Counsel

Property Lawyer

Commercial Director

Development Manager

Acquisitions Manager

Chief Financial Officer

Project Manager

Risk Manager

Compliance Officer

Real Estate Agent

Property Consultant

Asset Manager

Industries
Property Law Act 1958: Governs property law principles, real estate transactions, and property rights in Australia
Contract Law Act 1958: Provides the fundamental principles for contract formation, terms, and enforcement in Australia
Australian Consumer Law (ACL): Protects consumer rights and regulates business conduct in property transactions
Conveyancing Act 1919: Regulates the transfer of property ownership and related transactions
Real Estate and Business Agents Act 1978: Regulates real estate transactions and the conduct of real estate agents
Electronic Transactions Act 1999: Governs electronic signatures and digital transactions in property dealings
Foreign Acquisitions and Takeovers Act 1975: Regulates foreign investment in Australian property and required approvals
Duties Act 2000: Governs stamp duty and other property-related taxes and charges
Retail Leases Act 2003: Specific provisions for retail property leases and options (if applicable to commercial property)
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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