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Real Estate Attorney Johnson City TN

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.

Walter Lee Davis Jr.
(423) 929-7000
121 E UNAKA AVE
JOHNSON CITY, TN
Specialties
Estate Planning, Real Estate, Corporate, Probate
Education
Vanderbilt University Law School,Memphis State University
State Licensing
North Carolina, Tennessee

Edward Thurston Brading
(423) 434-4700
104 E MAIN ST
JOHNSON CITY, TN
Specialties
Appeals, Corporate, Probate, Real Estate, Bankruptcy
Education
Vanderbilt University Law School,Vanderbilt University,Memphis State University
State Licensing
Tennessee

James Edward Brading II
(423) 434-4700
104 E MAIN ST
JOHNSON CITY, TN
Specialties
Appeals, Corporate, Probate, Real Estate, Ethics
Education
Yale Law School,Vanderbilt University
State Licensing
Tennessee

John Matthew Bolton
(423) 434-4700
104 E MAIN ST
JOHNSON CITY, TN
Specialties
Criminal Defense, Family, Litigation, Real Estate, Estate Planning
Education
Appalachian School of Law,University of Tennessee, Knoxville (main)
State Licensing
Tennessee

Billie Jo Farthing
(423) 434-4700
104 EAST MAIN STREET PO BOX 1160
JOHNSON CITY, TN
Specialties
Appeals, Corporate, Probate, Real Estate, Litigation
Education
University of Tennessee College of Law,East Tennessee State University
State Licensing
Tennessee

Bryan Bradley Martin
(423) 928-3636
3600 W MARKET ST
JOHNSON CITY, TN
Specialties
Personal Injury, Litigation, Business, Real Estate, Family
Education
University of Memphis - Cecil C. Humphreys School of Law,East Tennessee State University
State Licensing
Tennessee

Eric Daniel Reach
(423) 926-8300
207 E MAIN ST STE 2C
JOHNSON CITY, TN
Specialties
Real Estate, Estate Planning, Divorce
Education
Cumberland University
State Licensing
Tennessee

Thomas Clifford McKee
(423) 434-4700
104 E MAIN ST
JOHNSON CITY, TN
Specialties
Appeals, Corporate, State, Local And Municipal Law, Real Estate, Litigation
Education
University of Tennessee College of Law,University of North Carolina, Chapel Hill
State Licensing
Tennessee

Teri Michelle Reach
(423) 926-8300
207 E MAIN ST STE 2C
JOHNSON CITY, TN
Specialties
Real Estate, Estate Planning, Family
Education
Cumberland University
State Licensing
Tennessee

Donald Stanley Hart Jr.
(423) 753-6231
Po Box 395
Jonesborough, TN
Specialties
Real Estate
Education
University of Florida, Fredric G. Levin College of Law
State Licensing
Florida

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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