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A bespoke up-to-date building management agency agreement template and proposal, tailored for your firm.
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An agreement from the owners corporation to owners or occupants to supply amenities, such as, electric vehicle charging infrastructure, telecommunication services, window cleaning, garbage disposal and recycling services.
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Posted 01 June 2015
Category: Contracts, Conveyancing, Development Contracting
Option agreements are an increasingly common means by which developers secure development sites. There is good reason for that, as they provide developers with flexibility and assist with managing cash flow and liability.
Option agreements typically involve a put option, being an option to require a purchasing party to purchase a property on specified terms and a call option, being an option to require a landowning party to sell the property on specified terms. Typically, there will be a call option on its own or a combined put and call option, a put option on its own being unusual.
Option agreements can cause a range of issues for developers and property owners dealing with them, ranging from failure to achieve commercial expectations to adverse tax and stamp duty consequences. These should be carefully considered before entering into option agreements.
Developers will be primarily concerned with maximising the flexibility of the arrangements, without causing adverse tax and stamp duty consequences. There is a tension between the two, as the wrong kind of flexibility can have adverse tax and stamp duty consequences. Developers need to be careful about how they structure such arrangements after amendments to the stamp duty legislation last year, which significantly undermine the benefit of previously common structures. Issues for developers to consider include:
Property owners will be primarily concerned with commercial and practical matters, particularly achieving the intended commercial outcome and containing some of the associated risks. Issues for property owners to consider include:
These are complex issues and typically involve large amounts of money, with the potential for significant losses if approached incorrectly. We have dealt with many such matters and would be pleased to assist.
***The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way.