[RPPTL LandTen] N-1003 - Landlord Tenant Committee: Landlord tenant issue

Wed Jun 24 05:33:19 PDT 2015

When the parties signed the purchase contract, I think that they waived by mutual agreement (as shown by the signing of the purchase contract) any claim that the option wasn't properly exercised.  The parties would be estopped to deny the option exercise and the purchase contract as the parties have changed their positions (extending closing for financing) in reliance upon the option exercise and purchase contract.  Re-exercising the option leads to two purchase contracts unless the parties agree in writing that the first purchase contract is void.

I think that, after reviewing the purchase contract and its enforceability, you have to decide what's in your client's best interests: enforcing the purchase contract or mutually voiding it and starting all over.

Michael Geo. F. Davis
Attorney at Law
The MGFD Law Firm PA
Countryside Colonial Center
2753 SR 580, Suite 209
Clearwater, FL 33761-3351
P 727-726-1900
F 727-726-7440
mike at mgfdlaw.com
Primary Eservice: eservice at mgfdlaw.com

From: landten-bounces at lists.flabarrpptl.org [mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of David Weisman
Sent: Wednesday, June 24, 2015 8:26 AM
To: 'RPPTL Landlord Tenant Committee'
Subject: Re: [RPPTL LandTen] N-1003 - Landlord Tenant Committee: Landlord tenant issue

It seems that the option has been exercised and the parties would be governed by the contract. Unless the terms provide for a continuing option, I think that once it is exercised it has been used and no longer exists. One bite at the apple.

David  Weisman
Board Certified Real Estate Lawyer
Greenspoon Marder, P.A.
200 E. Broward Blvd., Suite 1800
Fort Lauderdale, FL 33301
Phone 954-491-1120 Ext. 1015
Direct Phone 954-343-6941
Direct Fax 954-343-6942

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From: landten-bounces at lists.flabarrpptl.org<mailto:landten-bounces at lists.flabarrpptl.org> [mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of Lloyd Granet
Sent: Wednesday, June 24, 2015 7:39 AM
To: RPPTL Landlord Tenant Committee
Subject: Re: [RPPTL LandTen] N-1003 - Landlord Tenant Committee: Landlord tenant issue

With the passage of time has the window to exercise the option lapsed?

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From: landten-bounces at lists.flabarrpptl.org<mailto:landten-bounces at lists.flabarrpptl.org> [mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of Arlene Udick
Sent: Tuesday, June 23, 2015 6:44 PM
To: RPPTL Landlord Tenant Committee
Subject: N-1003 - Landlord Tenant Committee: [RPPTL LandTen] Landlord tenant issue

Dear wise brothers and sister in law, I need your wisdom in this situation

I represent a party who signed a lease option.  Lease is for six months, lessee can exercise his option at any time between month 3 and month 5 of the lease.  Lessee exercised his option during month 2 by presenting a purchase contract which all parties signed.  Though the parties agree on the business terms the buyer's attorney is trying to rewrite the process of how the closing will take place. So far the buyer has asked for 3 extensions to the closing but has failed to meet any of them.  The actions of the buyer seem that the buyer is trying to back out of the purchase without saying so.  The buyer insists that he still wants to buy, but his behavior indicates otherwise.

Can the lessee present a second exercise of his option and restart the negotiations all over or do you only get one exercise per option agreement? Do we have a valid option agreement?  What happens if the situation between the parties break down?  It almost looks like my client is being set up for a breach.  Any insight or advice is appreciated.   Thanks for your help.  Arlene

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Arlene C. Udick, Esq.
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(c) 352-217-3176

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