[WSBARP] Option Agreement

[Bryce Dille]

I think it depends on the language that was sent to the optionor. If the notice says I hereby exercise the option  to purchase
and agree to purchase according to terms of option you have offer and acceptance.
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Bryce H. Dille
Campbell, Dille, Barnett & Smith,  PLLC
P.O. Box 488
Puyallup, WA  98371
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bryced at cdb-law.com<mailto:bryced at cdb-law.com>

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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Rod Harmon
Sent: Friday, March 18, 2016 12:43 PM
To: 'WSBA Real Property Listserv'
Subject: Re: [WSBARP] Option Agreement

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
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From: wsbarp-bounces at lists.wsbarppt.com<mailto: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<mailto: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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