[WSBARP] Option Agreement
Rod Harmon
rodharmon at msn.com
Fri Mar 18 12:43:24 PDT 2016
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
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20160318/79e06d6d/attachment.html>
More information about the WSBARP
mailing list