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Real Estate Attorney Eagle ID

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.

Stephen Collingwoo Hardesty
(208) 344-6000
P O Box 1617
Boise, ID
Specialties
Business, Real Estate
Education
UC Davis SOL King Hall,Earlham Coll
State Licensing
California

Michael Robert Jones
(208) 385-7400
Po Box 7743
Boise, ID
Specialties
Contracts, Tax, Estate Planning, General Practice, Real Estate, Construction
State Licensing
Washington

Donald Craig Christensen
(208) 333-2025
412 E Parkcenter Blvd #300
Boise, ID
Specialties
Business, Real Estate
Education
UC Hastings COL,Univ of Southern Calif
State Licensing
California

Mary V. York
(208) 342-5000
U.S. Bank Plaza, Suite 1400, 101 South Capitol Boulevard, P.O. Box 2527
Boise, ID
 
Derrick J. O'Neill
(208) 331-1170
225 N. Ninth Street, Suite 820, P.O. Box 1097
Boise, ID
 
Gerald W. Darnall
(208) 345-3922
910 Main Street
Boise, ID
Specialties
Appeals, Tax, Bankruptcy, Debt Collection, Business, Entertainment, Insurance, Fraud, Social Security, Environmental, Administrative Law, Intellectual Property, International Law, Personal Injury, Real Estate, Landlord & Tenant, Arbitration, Litigation
Education
Texas Southern University
State Licensing
Texas

Nicole C Snyder
(208) 342-5000
101 S Capitol Blvd Ste 1400
Boise, ID
Specialties
Business, Employment, General Practice, Real Estate
State Licensing
Washington

Forrest R. Goodrum
(208) 344-4566
1161 West River Street, Suite 260, P.O. Box 199
Boise, ID
 
Douglas R. Nash
(208) 342-5000
U.S. Bank Plaza, Suite 1400, 101 South Capitol Boulevard, P.O. Box 2527
Boise, ID
 
Melanie G. Rubocki
(208) 342-5000
U.S. Bank Plaza, Suite 1400, 101 South Capitol Boulevard, P.O. Box 2527
Boise, ID
 

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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