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Real Estate Attorney Andover MA

Commonly, options are used in leases in which the landlord gives the tenant an option to buy the property. Read the following article to learn all about different real estate options you can purchse.

Thomas J Burke
(978) 475-9100
300 BRICKSTONE SQUARE PO BOX 39
ANDOVER, MA
Specialties
Real Estate, Estate Planning
Education
Suffolk University Law School,Suffolk University
State Licensing
Massachusetts

Michael E Lombard
(978) 475-1518
44 Park Street
Andover, MA
Specialties
Real Estate, Residential, Commercial
State Licensing
Massachusetts

Meridith Ann Gregory
(978) 824-2300
26 Chestnut Street, Suite 2-M
Andover, MA
Specialties
Real Estate, Personal Injury, Family
State Licensing
Massachusetts

Jason Alexander Panos
(978) 475-9100
300 BRICKSTONE SQUARE PO BOX 39
ANDOVER, MA
Specialties
Real Estate
Education
Suffolk University Law School,Boston College
State Licensing
Massachusetts

Kristine M. Sheehy
(978) 475-4488
12 CHESTNUT ST
ANDOVER, MA
Specialties
Real Estate, Telecommunications, Commercial
State Licensing
Massachusetts

Linda Ann O'Connell
(978) 685-5686
SHATTUCK OFFICE CENTER 138 RIVER RD STE 104A
ANDOVER, MA
Specialties
Real Estate, Family, Litigation
Education
Northeastern University School of Law
State Licensing
Massachusetts

Mitchell Edwin Weisman
(978) 475-1919
1 ELM ST STE 2F
ANDOVER, MA
Specialties
Real Estate
Education
DePaul University College of Law,Northwestern University
State Licensing
Massachusetts

Donald Francis Borenstein
(978) 475-4488
12 CHESTNUT ST
ANDOVER, MA
Specialties
Real Estate, Land Use & Zoning, Appeals
State Licensing
Massachusetts

Stephen P. Shannon
(978) 475-0080
23 MAIN ST
ANDOVER, MA
Specialties
Bankruptcy, Litigation, Business, Real Estate
Education
Northeastern University School of Law,University of New Hampshire
State Licensing
Massachusetts

Matthew Des Meules
(617) 905-0592
10 High Street
Andover, MA
Specialties
Land Use & Zoning, Family, Mediation, Wrongful Termination, Business, Estate Planning, Litigation, Elder Law, State, Local And Municipal Law, Corporate, Divorce, Debt Agreements, Employment, Probate, Real Estate, Wills, Personal Injury
Education
New England Law | Boston
State Licensing
Massachusetts

Real Estate Options to Purchase

Real Estate Options To Purchase
Sat 07/04/09 08:54:18 pm
by Laine Wagenseller

"An option is a contract by which the owner of property invests another with the exclusive right to purchase said property at a stipulated sum within a limited or reasonable time in the future." Nattress & Associates v. Cidco (1986) 184 Cal.App.3d 55, 66. Donald Trump used an option to purchase the Hotel Commodore at Grand Central Terminal, his ground breaking first deal at 27 years old. More commonly, options are used in leases in which the landlord gives the tenant an option to buy the property.   For example, the AIR Option to Purchase form provides that the lessee must provide written notice within a certain time period (i.e., April 1, 2004 to April 30, 2006), with the option expiring at the end of the option period. The form also sets forth the price, the escrow agent, a time period in which to close the sale and other instructions. After exercising an option, the parties should then enter into a Purchase & Sale Agreement, which addresses in more detail all of the minutiae of the sale transaction.   An Option is Irrevocable
An option supported by consideration (even $1) is an irrevocable offer, open for a prescribed period. The acceptance must be in accordance with the terms of the option agreement and must be in accordance with the terms of the option agreement and must be free of conditions which the optionor is not bound to perform. Riverside Fence Co. v. Novak (1969) 273 Cal.App.2d 656, 660. The exercise of an option is merely the communicated election of the optionee to accept the option. Id.at 661. It is important to recognize that, in terms of the formation of a contract, an option is a contract. Therefore, the "offer" (option) is truly irrevocable and merely awaits acceptance.
  A Qualified or Conditional Acceptance
What is the effect of an acceptance which adds additional terms or is made conditional? "Any tender of performance is ineffective if it imposes conditions upon its acceptance which the offeror is not entitled to demand." Riverside Fence Co., supra., at 662. However, the fact that a purported acceptance adds a qualification to the agreed-upon option does not in and of itself terminate the option. As long as the option period has not yet expired, a party may still exercise the option without qualification or condition (even though a prior [ineffective] acceptance may have added such qualifications). Again, the option is truly irrevocable.
  The courts have explained that "if the person offering to perform is acting in good faith, and makes the mistake of demanding something to which he is not entitled, he ought to be given the same opportunity to recede from such demand that he is allowed for tendering the correct amount where he has tendered too little, or the right thing where he has tendered the wrong thing..." Nattress & Associates, supra., at 67.   Waiver of...

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