Alaska Option to Purchase
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FAQ
An option agreement is a legally binding contract between two entities outlining each counterparty's responsibilities to the other.
An Option to Purchase agreement is a legal contract signed between a buyer and a seller of a residential property, and basically gives the buyer the exclusive rights to purchase a property from the seller in the future.
When there is no lease agreement (like in the case of weekly rentals), you can instead use the Alaska Notice to Vacate to inform the other party in advance that you wish to end the tenancy agreement and vacate the premises.
An option to purchase agreement therefore gives the buyer rights over the land, and will also bind a future owner of the land too.Pre-emption rights in regard to registered land take effect at the time of their creation however, and can therefore be binding on subsequent owners.
Give the landlord/agent a written termination notice and vacate move out and return the keys according to your notice, and/or. apply to the NSW Civil & Administrative Tribunal (NCAT) for a termination order.
In some circumstances, a tenant can break a fixed-term agreement early without penalty. A tenant can give 14 days' written notice to end an agreement early without penalty if: they have accepted an offer of social housing (e.g. from DCJ Housing)
Alaska state law limits how much a landlord can charge for a security deposit (two months' rent, unless the monthly rent exceeds $2,000), when it must be returned (within 14 days after a tenant moves if the tenant has given proper notice to end the tenancy or 30 days if the tenant has not), and sets other restrictions
How long does an option last? An option typically lasts 24 months but the timeframe to exercise is completely negotiable at the agreement stage.
If the buyer simply changes their mind during the option period, all they lose is their option fee. If they change their mind later than that, they should lose their earnest money unless they find a valid excuse in the contract for terminating. There is nothing a seller can do keep a buyer from changing their mind.
