Which Is Best For You?
The differences between an Option Agreement and Conditional Contracts are various but at Coles Miller we are experienced in both and are able to advise both buyers and sellers on these matters.
What Is An Option Agreement (OA)?
An Option Agreement contractually ties the seller to the buyer for a certain period of time but not the other way around. In this type of contract the buyer has the freedom to decide whether or not to purchase and does not have to provide the seller with a reason.
This type of contract is often used where land is owned by different parties and a developer may want to ensure sales of all units or none.
What Is A Conditional Contract?
This type of contract ties both the seller AND the buyer. It ensures that if specified conditions are met (usually the grant of planning permission) formal completion will occur within a fixed period of time.