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Real Estate Attorney Salem OR

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.

Keith D Karnes
(503) 362-9393
1599 State St, PO Box 12829
Salem, OR
Specialties
Litigation, Chapter 7, Chapter 11, Chapter 13, Foreclosure
Education
Willamette University College of Law,Brigham Young University
State Licensing
Oregon, Washington

Theron S Covey III
(503) 585-2255
605 CENTER ST NE
SALEM, OR
Specialties
Business, Corporate, Real Estate, Bankruptcy, Construction
Education
California Western School of Law,Oregon State University
State Licensing
Oregon

Michael Aaron Shurtleff
(503) 371-2908
715 Commercial St. NE, Suite #3
Salem, OR
Specialties
Chapter 7, Chapter 13, Debt Collection, Debt Settlement, Debt Agreements, Bankruptcy, Foreclosure
Education
Willamette University College of Law
State Licensing
Oregon

Joseph H Hobson Jr
(503) 585-2236
530 Center St Ne Ste 700
Salem, OR
Specialties
Business, Agriculture, Contracts, Environmental, Estate Planning, Real Estate
State Licensing
Washington

Gregory C Hansen
(503) 378-9101
570 Liberty St SE Ste 100
Salem, OR
Specialties
Business, Real Estate, Elder Law
Education
University of North Dakota,University of Minnesota
State Licensing
Oregon

T W Churchill
(503) 585-2255
605 Center Street NE
Salem, OR
Specialties
Bankruptcy, Real Estate, Estate Planning, Contracts, Debt Collection
Education
Willamette University College of Law
State Licensing
Oregon

Eric Yandell
(503) 585-4422
117 COMMERCIAL ST NE
SALEM, OR
Specialties
Real Estate, Employment, Bankruptcy, Litigation, Arbitration
Education
Lewis & Clark Northwestern Law School ,Willamette University
State Licensing
Oregon

William C Crothers Jr
(503) 378-0225
750 FRONT ST NE STE 100
SALEM, OR
Specialties
Business, Elder Law, Family, Real Estate
Education
Willamette University College of Law,Willamette University
State Licensing
Oregon

David Doyle
(503) 623-0828
475 COTTAGE ST NE STE 120
SALEM, OR
Specialties
Personal Injury, Government, Business, Real Estate, Litigation
State Licensing
Oregon

Alexander C Boal
(503) 585-2255
605 CENTER ST NE
SALEM, OR
Specialties
Real Estate, Land Use & Zoning, Landlord & Tenant, Commercial, Residential
Education
Willamette University College of Law,Alaska Pacific University
State Licensing
Oregon

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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