Option Agreement (WA)

Discussion in 'Property Management' started by smallbuyer, 11th May, 2022.

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  1. smallbuyer

    smallbuyer Well-Known Member

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    WA
    Doing up a lease on a property i self manage with a govt agency :) They are asking for an extra 1 year option. Does anyone have access to a standard option agreement form for rentals that people use.
    Im assuming its just something giving them the right to lease the property for another year but would be good to see something professional rather than just write my own ;)

    Cheers
     
  2. thatbum

    thatbum Well-Known Member

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    I don’t think a “standard” option clause exists. You should probably get legal advice for something like this.

    Is it commercial or residential?
     
    Michael Mitchell likes this.
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    If you are using a standard form lease, there will be an option clause in the body. The schedule will list the number of options available.

    IIRC, if the total term including options exceeds 3 years, you require a solicitor to prepare the lease.

    Unless it's a retail or residential lease, the tenant will usually be paying the lessor's lease preparation, registration and mortgagee approval fees. Another good reason to use a solicitor.