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Real Estate Attorney Kaneohe HI

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.

Yvonne Marie Jaramillo
(808) 721-8088
468 Iana St
Kailua, HI
Specialties
Contracts, Intellectual Property, Real Estate, Wills
Education
Univ of Arizona COL,Univ of Arizona
State Licensing
Arizona, California, Hawaii

Scott William Settle
(808) 526-4731
700 Bishop St Ste 200
Honolulu, HI
Specialties
Business, Employment, Intellectual Property, International Law, Real Estate
Education
Univ of San Diego SOL,Univ of California Berkeley
State Licensing
California, Washington

Jay Stuart Handlin
(808) 523-2592
Asb Tower, 1001 Bishop St Ste 2200
Honolulu, HI
Specialties
Antitrust, Intellectual Property, Real Estate
Education
Harvard Univ Law School,Brandeis Univ
State Licensing
California

John Winnicki
(808) 528-1100
Suite 700 Ocean View Center, 707 Richards Street, P.O. Box 3439
Honolulu, HI
 
William M. Tam
(808) 524-1800
18th Floor ASB Tower, 1001 Bishop Street
Honolulu, HI
 
Bradley R Tamm
(808) 524-4949
A LIMITED LIABILITY LAW PARTNERSHIP 828 FORT ST STE 330
HONOLULU, HI
Specialties
Bankruptcy, Foreclosure, Appeals
Education
Thomas Jefferson School of Law,Embry-Riddle Aero Univ
State Licensing
California, Hawaii

Scott George Morita
(808) 547-5600
1099 Alakea Street, Suite 1800
Honolulu, HI
Specialties
Business, Real Estate
Education
U of Hawaii William S Richardson SOL,Univ of California San Diego
State Licensing
California, Hawaii

David Wing Keong Wong
(808) 523-2506
P O Box 656
Honolulu, HI
Specialties
Real Estate, Tax, Estate Planning
Education
Stanford Univ Law School,Stanford Univ
State Licensing
California

Ke-Ching Ning
(808) 528-1100
Suite 700 Ocean View Center, 707 Richards Street, P.O. Box 3439
Honolulu, HI
 
Bruce Voss
(808) 523-9000
16th Floor, Alii Place, 1099 Alakea Street, P.O. Box 1760
Honolulu, HI
 

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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