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Real Estate Attorney Winnemucca NV

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.

O. Kent Maher
(775) 623-5277
Suite 1, Professional Building, 33 West Fourth Street, P.O. Box 351
Winnemucca, NV
 
James Randolph Cavilia
(702) 882-0202
402 N Division St
Carson City, NV
Specialties
Real Estate
Education
Santa Clara Univ SOL,Univ of Nevada
State Licensing
California

Richard G Hill
(775) 348-0888
652 Forest St.
Reno, NV
Specialties
Real Estate, Business, Litigation
Education
Gonzaga University School of Law,Willamette University
State Licensing
Nevada

Kevin R Diamond
(702) 366-0622
1100 E. Bridger Avenue
Las Vegas, NV
Specialties
Business, Litigation, Personal Injury, Insurance, Real Estate
Education
California Western School of Law,Loyola Marymount University
State Licensing
Nevada

Laurel Lea Barry
(866) 233-6291
851 S Rampart Blvd Ste 260
Las Vegas, NV
Specialties
Business, Real Estate, Litigation
Education
California Western SOL,Univ of San Francisco
State Licensing
California

Kyle B. Swanson
(775) 623-4599
530 Melarkey Street, Suite 209
Winnemucca, NV
 
Deborah L Elsasser
(702) 366-0622
1100 E. Bridger Ave/POBox 2070
Las Vegas, NV
Specialties
Intellectual Property, Employment, Insurance, Personal Injury, Real Estate
Education
University of Nebraska College of Law,University of Nebraska, Kearney
State Licensing
Nevada

Christopher Campbell Stephens
(702) 464-7092
100 City Pkwy Ste 1600
Las Vegas, NV
Specialties
Land Use & Zoning, Real Estate, Residential
Education
UC Berkeley SOL Boalt Hall,Brigham Young Univ
State Licensing
California

Martin C. Walsh
(775) 588-6676
P.O. Box 3390
Lake Tahoe, NV
Specialties
Tax, Real Estate, Probate, Business, Estate Planning
Education
Saint Louis University School of Law,Saint Louis University
State Licensing
Nevada

Kevin Jon Dewald
(415) 278-7497
900 S Meadows Pkwy Apt 1823
Reno, NV
Specialties
Real Estate
Education
UC Davis SOL King Hall,Univ of California Davis
State Licensing
California

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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