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Real Estate Attorney Washington DC

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.

Harry J Kelly III
(202) 585-8712
401 9th Street Nw, Suite 900
Washington, DC
Specialties
Government, Real Estate, Government Contracts
State Licensing
DC

Nicholas William Ivancic
(202) 942-6594
555 12th St Nw
Washington, DC
Specialties
Real Estate
Education
George Washington University National Law Center,Miami Univ
State Licensing
California

Kevin Leftwich
(202) 585-8221
401 9th Street Nw, Suite 900
Washington, DC
Specialties
Tax, Partnership, Real Estate
State Licensing
DC

Kevin Leftwich
(202) 585-8221
401 9th Street Nw, Suite 900
Washington, DC
Specialties
Tax, Partnership, Real Estate
State Licensing
DC

Paul D Hunt
500 INDIANA AVE NW
WASHINGTON, DC
Specialties
Real Estate, Business, Contracts, Commercial, Estate Planning
Education
George Washington University National Law Center,University of Illinois, Urbana-Champaign
State Licensing
DC

Wright H Andrews Jr
1301 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Federal Crime, Banking, Real Estate, Employment
Education
Emory University,Emory University
State Licensing
DC

Laurence S Kirsch
(202) 346-4440
901 New York Avenue Nw
Washington, DC
Specialties
Real Estate, Litigation, Government
State Licensing
DC

Greta E Goldsby
(512) 370-2841
901 NEW YORK AVE NW FL 3
WASHINGTON, DC
Specialties
Real Estate, Construction
Education
Southern Methodist University, Dedman School of Law,University of Arkansas - Fayetteville
State Licensing
DC

Merrill F Hoopengardner
(202) 585-8169
401 9th Street Nw, Suite 900
Washington, DC
Specialties
Tax, Construction, Real Estate
State Licensing
DC

Ronald S Gart
901 NEW YORK AVE NW FL 3
WASHINGTON, DC
Specialties
Commercial, Residential, Public Finance, Construction, Real Estate
Education
The George Washington University, The National Law Center,George Washington University
State Licensing
DC

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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