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Real Estate Attorney Cheyenne WY

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.

Billie L. M. Addleman
(307) 632-0541
1720 Carey Avenue, Suite 200, P.O. Box 1083
Cheyenne, WY
Specialties
Litigation, Personal Injury, Real Estate, Insurance, Defective & Dangerous Products
Education
University of Wyoming College of Law,University of Nevada
State Licensing
Wyoming

Dale W. Cottam
(307) 632-0541
1720 Carey Avenue, Suite 200, P.O. Box 1083
Cheyenne, WY
Specialties
Energy, Debt Agreements, Real Estate
Education
Creighton University School of Law,Creighton University,University of Wyoming
State Licensing
Wyoming

John J. Metzke
(307) 632-0541
1720 Carey Avenue, Suite 200, P.O. Box 1083
Cheyenne, WY
Specialties
Administrative Law, Estate Planning, Business, Real Estate, Trusts
Education
University of Wyoming College of Law,University of Wisconsin, Stevens Point,University of Montana
State Licensing
Wyoming

Howard Victor Scotland III
(307) 634-1525
1800 Carey Avenue, Suite 700, P.O. Box 467
Cheyenne, WY
Specialties
Probate, Trusts, Estate Planning, Business, Real Estate
Education
University of Wyoming College of Law,Colorado School of Mines,Johns Hopkins University
State Licensing
Wyoming

Scott W. Meier
(307) 634-7723
2515 Warren Avenue, Suite 500, P.O. Box 1208
Cheyenne, WY
Specialties
Estate Planning, Business, Environmental, Real Estate, Tax
Education
University of Wyoming College of Law,University of Wyoming
State Licensing
Colorado, Wyoming

Thomas N. Long
-0300
2120 Carey Avenue, Suite 300, P.O. Box 87
Cheyenne, WY
Specialties
Estate Planning, Business, Tax, Trusts, Real Estate
Education
Harvard University Law School,University of Wyoming
State Licensing
Wyoming

Don W. Riske
(307) 634-2002
1720 Carey Avenue, Suite 500, P.O. Box 1617
Cheyenne, WA
Specialties
Administrative Law, Real Estate, Business, Insurance, Construction, Arbitration, Bankruptcy
Education
University of Wyoming College of Law,University of Wyoming
State Licensing
Wyoming

Ryan Matthew McGuffey
(307) 760-4946
2120 Carey Avenue, Suite 300, P.O. Box 87
Cheyenne, WY
Specialties
Estate Planning, Real Estate, Business, Probate, Trusts
Education
University of Wyoming College of Law,University of Wyoming
State Licensing
Wyoming

Teresa B. Buffington
(307) 778-4200
2515 Warren Avenue, Suite 450, P.O. Box 1347
Cheyenne, WY
Specialties
Financial Markets And Services, Business, Real Estate, Energy
Education
University of Colorado School of Law,Ohio University
State Licensing
Wyoming

Natalie Kay Winegar
(307) 635-0710
2120 Carey Ave., Suite 300, P.O. Box 87
Cheyenne, WY
Specialties
Real Estate, Estate Planning, Business, Probate
Education
University of Wyoming College of Law,University of Colorado - Boulder
State Licensing
Colorado, Wyoming

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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