[WSBARP] Option Agreement

[Rod Harmon]

I think you are correct.  Giving notice of intent to exercise is probably a
condition the optionee has to fulfill in order to exercise the option, but
fulfilling it does not bind the optionee.  Payment does.  I think your
client is free to decline to exercise the option.

 

Rod Harmon

 

RODNEY T. HARMON

       Attorney at Law

         P.O. Box 1066

      Bothell, WA   98041

     Tel:   (425) 402-7800

     Fax:  (425) 458-9096

     <http://www.rodharmon.com> www.rodharmon.com

    <mailto:rodharmon at msn.com> rodharmon at msn.com

 

 

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Rob Tulloch
Sent: Wednesday, March 16, 2016 1:53 PM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Option Agreement

 

Am I correct that sending a "notice of intent to exercise an option" to
purchase does not bind the optionee unless and until she exercises the right
as set forth in the agreement?  In this instance, the agreement requires
notice several months in advance of when "[t]he right to exercise the option
will become effective."

 

The optionee does not want to proceed even though she sent a timely notice
of intent to exercise, having concluded that she does not want the property.

 

I have not been able to identify any cases on point.

 

Thanks.

 

Rob Tulloch

Port Angeles

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