Unless the fellow`s lawyer sends the licensor a certificate in accordance with section 66ZF of the Conveyancing Act 1919 (NSW) or the call option was granted on the day the property was handed over at an auction, the beneficiary of an appeal option has a cooling-off period of 10 working days. In the case of a call and set-up option, the holder of the option (nominator, assignor or party to the novelty) is required to charge the full purchase price („call options“), since the appointment, assignment or novation of a putting option is treated as a sub-sale of the immovable property.  The nominee, assignee or novatee remains liable to pay the purchaser tax – s 108.  5. The option lapses if an option is not exercised before the expiry date of the option. Option fees are non-refundable and the option loses its legal effect. .