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Real Estate Attorney Carson City NV

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.

Joan Chisholm Wright
(775) 882-0202
402 N Division St, P.O. Box 646
Carson City, NV
Specialties
Real Estate
Education
McGeorge SOL Univ of the Pacific,Univ of California Berkeley
State Licensing
California

John P. Rutledge
(775) 885-7005
318 North Carson Street, Suite 103
Carson City, NV
Specialties
Real Estate, Business, Intellectual Property, Corporate
Education
Howard University School of Law,University of Miami School of Law,Loyola Marymount University
State Licensing
California, Nevada

Karen L. Winters
(775) 782-7933
P.O. Box 1987
Minden, NV
Specialties
Employment, Estate Planning, Civil Rights, Real Estate, Business
Education
Golden Gate University School of Law,University of Nevada-Reno
State Licensing
Nevada

William Jac Shaw
(775) 782-7171
1590 Fourth Street
Minden, NV
Specialties
Business, Real Estate, Estate Planning
Education
McGeorge School of Law, University of the Pacific
State Licensing
Nevada

Justin Marley Clouser
(775) 782-2888
1669 Lucerne St Ste A-3
Minden, NV
Specialties
Litigation, Contracts, Corporate, Wills, Trusts, Elder Law, General Practice, Arbitration, Personal Injury, Real Estate
Education
University of Tennessee College of Law,Eastern Illinois University
State Licensing
California, Florida, Nevada, Tennessee

James Randolph Cavilia
(702) 882-0202
402 N Division St
Carson City, NV
Specialties
Real Estate
Education
Santa Clara Univ SOL,Univ of Nevada
State Licensing
California

Dominique Michel Etchegoyhen
(775) 338-9840
Po Box 2469
Minden, NV
Specialties
Employment, Real Estate
Education
Golden Gate Univ SOL,Univ of Colorado Boulder
State Licensing
California

Thomas Scott Brooke
(775) 782-7171
1590 4th St
Minden, NV
Specialties
Real Estate
Education
Southwestern Univ SOL,Univ of California Berkeley
State Licensing
California, Nevada

Michael L Matuska
(775) 782-7171
1590 4th St, Po Box 2860
Minden, NV
Specialties
Litigation, Real Estate, Debt Settlement
Education
University of California - Davis
State Licensing
Nevada, Washington

Nathan Elwin Jones
(775) 223-1177
Po Box 5560
Incline Village, NV
Specialties
Real Estate
Education
Univ of Michigan Law Sch
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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