This article was written by Nancy Wang Principal Solicitor at W & G Lawyers.
Options to purchase land are common — in family arrangements, leases, development deals and succession planning. They can be extremely valuable, especially where the price is fixed and the market has since moved. But they are also unforgiving. A recent Queensland Supreme Court decision shows how a buyer with a very valuable option lost it completely, not by missing a deadline, but by exercising the option in the wrong way.
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