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Real Estate Attorney Canon City CO

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.

John Arthur Mcdermott
(719) 275-4126
303 N 7TH ST
CANON CITY, CO
Specialties
Business, Debt Collection, Brain Injury, Estate Planning, Litigation, Elder Law, Motorcycle Accident, Wrongful Death, Trusts, Wills, Personal Injury, Real Estate, Car Accident, Insurance, Probate
Education
University of Florida, Fredric G. Levin College of Law,University of Florida
State Licensing
Colorado, Florida

Robert G Fredrickson
(866) 764-7387
831 ROYAL GORGE BLVD STE 329
CANON CITY, CO
Specialties
Real Estate, Probate, Estate Planning, Tax, Elder Law
Education
University of Colorado,University of Colorado
State Licensing
Colorado

Robert G. Fredrickson
(719) 275-4161
Third Floor, Sunflower Bank Building, Suite 329, 831 Royal Gorge Boulevard,
Canon City, CO
 
Bruce Johnson
(719) 275-4161
Third Floor, Sunflower Bank Building, Suite 329, 831 Royal Gorge Boulevard,
Canon City, CO
 
Ronald W Gibbs
(970) 242-2645
743 Horizon Court, Suite 200
Grand Junction, CO
Specialties
Real Estate, Business, Environmental, Financial Markets And Services, Commercial
Education
University of Colorado School of Law,University of Colorado
State Licensing
Colorado

Bryan T Fredrickson
(866) 764-7387
831 ROYAL GORGE BLVD STE 329
CANON CITY, CO
Specialties
State, Local And Municipal Law, Estate Planning, Real Estate, Personal Injury, Family
Education
Catholic University of America,University of Colorado
State Licensing
Colorado

Daniel B Slater
(719) 269-3315
1415 Main St, Ste A
Canon City, CO
Specialties
Personal Injury, Real Estate, Litigation, Business
Education
American University, Washington College of Law,University of Oklahoma
State Licensing
Colorado

Grant W. Lewis
(719) 275-4126
303 North Seventh Street, P.O. Box 1040
Canon City, CO
 
John Bowron Rediker
(970) 923-4800
0021 BURNT MOUNTAIN CIRCLE PO BOX 5887
SNOWMASS VILLAGE, CO
Specialties
Real Estate, Litigation
Education
Washington and Lee University School of Law,University of North Carolina
State Licensing
Colorado

Todd P Walker
(303) 607-3779
1700 LINCOLN ST
DENVER, CO
Specialties
Business, Environmental, Real Estate, Insurance, Class Action
Education
University of Denver College of Law,Colorado College
State Licensing
Colorado

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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