1. 10 mins From Russell Property Solicitor for over 20 years Russell Sparke russell@lawrences.com.au 0410 627 088

2. Russell Sparke Law in a Nutshell PROPERTY OPTIONS

3. Contract Law Offer Acceptance Consideration Intention to Create Legal Relations Capacity Certainty – Letters, Emails, Diary Notes – S.59 PLA must be in writing to be enforceable

4. Contracts/Agreements or Deeds Contracts needs Consideration eg. $1 Extending the term – new consideration or Deed Deeds are signed sealed and delivered and do not require consideration to be valid and binding eg. Financial Guarantees Deeds need to say they are Signed, Sealed and Delivered; and Require a Witness TIP – Make offers “Subject to execution of a Contract by all parties”

5. Equity Law v Equity- Specific Performance Options create an Interest in Land Equitable Estate in Fee Simple Can be protected by Caveat

6. Suing for Breach Contracts – Six years to sue for a breach Deeds – 12 years to sue for a breach

7. PAMDA Options are Relevant Contracts Therefore require a Form 30c Warning Statement to be signed. And, if relating to a Community Title Lot, a BCCMA Information Sheet Annexed Contract also needs a Form 30c and if Community Title Lot a BCMA Information Sheet – plus waiver of the Cooling Off.

8. Assignment Options may be assigned In Writing Signed by the Assignor (one who assigns) Notice needs to be given to the Grantor Assigns Right, Title and Interest in Option; and The Assignors interest in the Land

9. Nomination Option in favour of Grantee or Nominee Assignment (Sale) for consideration Enables time to incorporate Enables Buyer to Assign the Option and nominate the Assignee as purchaser when exercising the Option Assignee to confirm esp. Contract comes into being upon Exercise

10. Nomination (contd) Option to Grantee Only Exercise by Grantee Grantee can still nominate a Buyer Nomination and Exercise can be combined or separate.