October 2017

10 Oct

Option agreements, overage and implied terms.

in All

Is a developer obliged to sell in order to trigger an overage payment? Background In an option agreement with overage provisions, where the seller is entitled to overage once new dwellings are sold, is there an obligation on the buyer to sell the dwellings once built, thus triggering the entitlement to overage? In a nutshell, this was the question that arose in the recent decision of Sparks...