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Real Estate Attorney Williston ND

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.

Kenneth G. Hedge
(701) 572-2200
113 East Broadway, P.O. Box 1206
Williston, ND
 
Don R. Krassin
(701) 642-4747
120 S 1st St
Wahpeton, ND
Specialties
Criminal Defense, Family, Bankruptcy, Real Estate, General Practice
Education
U Of Minnesota
State Licensing
Minnesota, North Dakota, Wisconsin

Paul M. Hubbard
(701) 293-9911
200 Wells Fargo Center, 406 Main Avenue, P.O. Box 2686
Fargo, ND
 
Paul W. Summers
(701) 223-6585
Sixth Floor, Wells Fargo Bank Building, 400 East Broadway, Suite 600, P.O.
Bismarck, ND
 
Shane A. Hanson
(701) 223-6585
Sixth Floor, Wells Fargo Bank Building, 400 East Broadway, Suite 600, P.O.
Bismarck, ND
 
David James Eilertson
(701) 451-8342
4776 28th Av S
Fargo, ND
Specialties
Business, Litigation, Employment, Estate Planning, Real Estate
Education
University of North Dakota School of Law,Concordia College
State Licensing
Minnesota

Todd E Zimmerman
(701) 271-8881
1395 Elm Cir
Fargo, ND
Specialties
Business, Litigation, Real Estate
State Licensing
Minnesota

Timothy G. Richard
(701) 232-8957
10 Roberts Street, P.O. Box 6017
Fargo, ND
 
Grant H. Shaft
(701) 772-8156
Gate City Federal Building, 2850 24th Avenue South, Suite 302, P.O. Box 511
Grand Forks, ND
 
Sean O. Smith
(701) 258-4000
Professional Building - Suite 200, 418 East Rosser Avenue
Bismarck, ND
 

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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