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Real Estate Attorney South Weymouth MA

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.

Karen P. Carp
(617) 338-2829
One Post Office Square
Boston, MA
Specialties
Real Estate, Family, Appeals
State Licensing
Massachusetts

Mark John Gardner
(781) 337-4221
775 Pleasant Street, Suite 7
Weymouth, MA
Specialties
Real Estate, Estate Planning, Family
State Licensing
Massachusetts

Timothy Ahern Sherman
(781) 664-4936
25 Braintree Hill Park, Suite 200
Braintree, MA
Specialties
Real Estate, Power Of Attorney, Trusts, Wills
Education
Boston College Law School,University of Notre Dame,Boston College High School
State Licensing
Massachusetts

Frederick D Smith Jr
(617) 657-0124
350 Granite Street, Suite 2303
Braintree, MA
Specialties
Real Estate, General Practice, Insurance
State Licensing
Massachusetts

Robert P Kelly
(781) 848-0040
836 Washington Street
Braintree, MA
Specialties
Litigation, Business, Estate Planning, Real Estate, Probate
Education
Boston College Law School,Boston College
State Licensing
Massachusetts

Martin C. Winstead
(781) 335-0374
528 BROAD ST
WEYMOUTH, MA
Specialties
Estate Planning, Real Estate, Litigation, Divorce
State Licensing
Massachusetts

F Joseph Geogan II
379 UNION STREET PO BOX 313
ROCKLAND, MA
Specialties
Banking, Real Estate, Estate Planning, Litigation
State Licensing
Massachusetts

Raymond D. Jennings III
(781) 337-4221
775 PLEASANT ST STE 7
WEYMOUTH, MA
Specialties
Real Estate, Estate Planning, Litigation
State Licensing
Massachusetts

Paul N Barbadoro
(781) 848-9610
50 BRAINTREE HILL PARK
BRAINTREE, MA
Specialties
Real Estate, Family, Criminal Defense, Personal Injury, Litigation
Education
Suffolk University Law School,University of Massachusetts, Boston
State Licensing
Massachusetts

Kathleen Agnes Reagan
(781) 848-5100
186 FORBES RD STE 230
BRAINTREE, MA
Specialties
Family, Litigation, Personal Injury, Real Estate
Education
Tulane University Law School,University of Virginia
State Licensing
Massachusetts

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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