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Real Estate Attorney Gallup 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.

Della's Home Consultant Company
(505) 863-7839
200 Western Skies Road, Lot # 68
Gallup, , NM
Specialties
Typing Skills, Computer Skills, Education
Education
Education Specialist
State Licensing
New Mexico
Professional Memberships
Instructor

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

Leonard Dennis Sanchez
(505) 241-4941
Alvarado Sq # Ms-0806
Albuquerque, NM
Specialties
Business, Real Estate
Education
Stanford Univ Law School,Univ of New Mexico
State Licensing
California

Kathleen Alicia Keene
(505) 262-6200
8220 San Pedro Ne, Suite 400
Albuquerque, NM
Specialties
Tax, Business, Probate, Real Estate
Education
Texas Wesleyan University
State Licensing
Texas

Claudine Marie Martinez
(505) 345-8651
7451 Pan American Fwy Ne
Albuquerque, NM
Specialties
Real Estate
Education
UCLA SOL,Santa Clara Univ
State Licensing
California, DC

Jill A. Douthett
(505) 896-6662
4061 Ridge Rock Road
Rio Rancho, NM
Specialties
Wills, Trusts & Estates, Real Estate, Intellectual Property, Business Law
Secondary Specialties
Mortgages, Land Contracts, Broker & Transaction Litigation, Mergers, Acquisitions & Divestitures, Homeowners' Associations, Mergers, Acquisitions, & Divestitures, Trade Associations, Buying & Selling, Nolo Document Review, Professional Corporations, Limited Liability Companies (LLCs), Probate, Mechanics' Liens, Real Estate Loans, Tenants' Rights, Construction Defects, Breach of Contract, Unfair Competition, Title Litigation, Tenant, Corporations, Trade Dress, Liquor Licenses, Antitrust Law
State Licensing
New Mexico

Data Provided by:
Matthew W. Kim-Miller
(505) 724-9622
201 Third St Nw Ste 1700
Albuquerque, NM
Specialties
Real Estate, Construction, International Law
Education
U Of Wisconsin
State Licensing
Wisconsin

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

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

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

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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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