Variable Option Period

Hi Everyone,

I'm selling a rural property near Forster NSW. The zoning is fairly strict (E2 Environmental). In my opinion this is making it very hard to sell. I've been trying for a couple of years.

I've got a prospective buyer that is keen but wants an option period so they can go to council & see if they can get a DA for a new house. I think this will take 6-18 months to get through. I understand that with a regular option agreement the purchaser pays maybe $2,000 or similar for the buyer to hold the property for 12 to 18 months. Because my block is rather uncertain, I was thinking of offering a monthly agreement. That is the buyer pays me say $400 per month to maintain the option. If after a month they find it's too hard to get the DA they just stop paying & the option lapses. If they get the DA through in 6 months & proceed to purchase then the monthly payments cease. So it's an 18 month option but subject to monthly payments to maintain it. I see a few benefits to this:

1. They don't have to make a big commitment to get started, all they need is $400.
2. It's an incentive to get the DA faster.
3. If they can't get the DA then they have an incentive to let me put it back on the market sooner.

Is this a radical new idea or is it just plain weird?

Love to hear people's thoughts.

Just by way of background, what prompted me to think of this was all the monthly expenses I'm paying (rates, interest etc) I thought it would be cool if the prospective buyer just covered these holding expenses. It would certainly get my wife of my back - I might even get some action again!
 
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