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Real Estate Attorney Wilmington DE

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.

Daniel K Hogan
(302) 656-7540
1311 DELAWARE AVENUE
Wilmington, DE
Specialties
Bankruptcy, Real Estate, Commercial
Education
Widener University School of Law
State Licensing
Delaware

Kathryn E Lee
(302) 427-6969
1500 SHALLCROSS AVE., #1A
Wilmington, DE
Specialties
Corporate, Tax, Real Estate
Education
Georgetown University Law Center,Duke University
State Licensing
Delaware

Michael J Barrie
(302) 442-7068
824 N. MARKET STREET, SUITE 1001
Wilmington, DE
Specialties
Bankruptcy, Litigation, Real Estate
State Licensing
Delaware

William S Gee
(302) 421-6823
222 DELAWARE AVE. SUITE 1200, P.O. BOX 1266
Wilmington, DE
Specialties
Real Estate, Commercial, Partnership
State Licensing
Delaware

Daniel Horowitz
(215) 760-8261
153 CHRISTINA LANDING DRIVE
Wilmington, DE
Specialties
Corporate, Real Estate
State Licensing
Delaware, Pennsylvania

W. Wade W Scott
(302) 656-7540
1311 DELAWARE AVENUE
Wilmington, DE
Specialties
Estate Planning, Real Estate, Trusts, Commercial
Education
George Mason University School of Law,Temple University - James E. Beasley School of Law
State Licensing
Delaware

Veronica O Faust
(302) 644-0302
800 N. King Street, P.O. BOX 90
Wilmington, DE
Specialties
Construction, Commercial, Corporate, Real Estate, Land Use & Zoning
Education
Mary Washington College,Catholic University of America, Columbus School of Law
State Licensing
Delaware

Richard A. Robinson
(302) 778-7555
1201 N Market St Ste 1500
Wilmington, DE
Specialties
Chapter 11, Commercial, Real Estate
Education
No Law School provided
State Licensing
Florida

David Michael Powlen
(302) 888-4536
Barnes & Thornburg Llp, 1000 N West St Ste 1200
Wilmington, DE
Specialties
Chapter 11, Commercial, Real Estate
State Licensing
Pennsylvania

Wendie C Stabler
(302) 421-6865
222 DELAWARE AVENUE, STE.1200, P.O. BOX 1266
Wilmington, DE
Specialties
Land Use & Zoning, Real Estate, Energy
State Licensing
Delaware

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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