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Real Estate Attorney Belen NM

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.

Patrick Joseph Madden
-59155058
5588 Camino Escondida
Las Cruces, NM
Specialties
Criminal Defense, Real Estate
Education
Michigan State University School of Law
State Licensing
Texas

Steven Lamont Lovett
-54375750
500 10th Street, Po Box 1810
Alamogordo, NM
Specialties
Appeals, Business, Employment, Social Security, Personal Injury, Real Estate, Litigation
Education
St. Mary's University
State Licensing
Texas

Tara Michelle Wood
(505) 397-2471
801 N. Linam
Hobbs, NM
Specialties
Oil & Gas, Criminal Defense, Environmental, Administrative Law, Real Estate
Education
Texas Tech University
State Licensing
Texas

Robert J. Muehlenweg
(505) 247-8860
316 Osuna Rd Ne Ste 201
Albuquerque, NM
Specialties
Mergers & Acquisitions, Business, Estate Planning, Contracts, Real Estate, Commercial
Education
Univ of New Mexico SOL,Univ of New Mexico
State Licensing
California, New Mexico

J Bradley Nichols
(505) 682-3614
PO BOX 480
CLOUDCROFT, NM
Specialties
Family, Real Estate, Estate Planning
Education
University of New Mexico
State Licensing
Arizona

Robert G. Moss
(505) 564-6804
501 Airport Dr Ste 100
Farmington, NM
Specialties
Real Estate
Education
Southern Methodist University
State Licensing
Texas

Patrick Joseph Madden
-59155058
5588 Camino Escondida
Las Cruces, NM
Specialties
Criminal Defense, Real Estate
Education
Michigan State University School of Law
State Licensing
Texas

Conrad Eugene Coffield
(505) 982-4554
Po Box 2068
Santa Fe, NM
Specialties
Real Estate
Education
University of Texas
State Licensing
Texas

Mark Francis Sheridan
(505) 988-4421
P.O. Box 2208 110 N. Guadalupe Place
Santa Fe, NM
Specialties
Antitrust, Real Estate, Litigation
State Licensing
Illinois

Matthew Warren Kim-Miller
(505) 724-9622
201 3rd St Nw Ste 1700
Albuquerque, NM
Specialties
Real Estate
Education
Univ of Wisconsin Law School,Grinnell Coll
State Licensing
California

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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