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Real Estate Attorney Arnold MO

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.

Jason Michael Schmieg
(314) 863-1500
4011 Camelot Estates Court
St. Louis, MO
Specialties
Business, Real Estate, Mergers & Acquisitions
State Licensing
Missouri

Robert M. Hickel
(314) 842-8818
Suite 400-G, 12300 Old Tesson Road
St. Louis, MO
Specialties
Estate Planning, Business, Banking, Tax, Real Estate
Education
University of Missouri - Columbia School of Law,University of Missouri, Columbia
State Licensing
Missouri

Michael K. Sheehan
(314) 606-8065
3221 Southern Air Drive
St. Louis, MO
Specialties
Estate Planning, Speeding Ticket, Divorce, Bankruptcy, Real Estate
Education
California Western School of Law,Harris-Stowe State University
State Licensing
Missouri

James Carroll Morris
(636) 946-2203
Ste 200, 10406 Manchester Road
Kirkwood, MO
Specialties
Business, Family, Real Estate
State Licensing
Missouri

Julie Rae Jones
(314) 821-5959
9909 Manchester Road, Suite 338
St. Louis, MO
Specialties
Financial Markets And Services, Business, Real Estate
Education
Saint Louis University School of Law,Boston College
State Licensing
Missouri

Gregory James Hickel
(314) 842-8818
12300 OLD TESSON RD STE 400G
SAINT LOUIS, MO
Specialties
Business, Corporate, Estate Planning, Probate, Real Estate, Banking, General Practice
Education
Washington University School of Law,Wheaton College, Norton MA,Wheaton College, Norton MA
State Licensing
Illinois, Missouri

Dennis B. Mertz
(314) 845-0541
5520 Telegraph Rd, Suite 104, P O Box 510439
St. Louis, MO
Specialties
Business, Elder Law, Tax, Probate, Real Estate
Education
Washington University School of Law,Southern Illinois University
State Licensing
Missouri

Kim B. Blankenship
(314) 965-3900
9800 Watson Road
St. Louis, MO
Specialties
Estate Planning, Business, Probate, Real Estate
Education
University of Missouri - Columbia School of Law
State Licensing
Missouri

Rosanne S. Horan
(314) 965-6898
10424 Manchester Rd
Saint Louis, MO
Specialties
Estate Planning, Speeding Ticket, Business, Real Estate, Uncontested Divorce, Prenuptials, Personal Injury
Education
St Louis U,University of Missouri
State Licensing
Missouri, Wisconsin

David Charlton Edmonds
(314) 909-7877
1099 Milwaukee Street, Ste. 260
Saint Louis, MO
Specialties
Landlord & Tenant, Business, Estate Planning, Real Estate
Education
Saint Louis University School of Law,University of Richmond
State Licensing
Missouri

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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