[WSBARP] Option to Purchase Real Estate

[Josh Grant]

I think you should just do what is called a preemptive option.  Which is a right of first refusal option. I haven’t attached P&S’s on these but set out the agreement . Duration, # of days, before a offer from a 3rd party bona fide purchaser’s offer notice must be accepted by optionee etc.   I also do a notice of preemptive option and record it.

Joshua F. Grant

P. O. Box 619
Wilbur, WA 99185
509 647 5578

From: Eric Lanza 
Sent: Wednesday, May 16, 2018 2:14 PM
To: wsbarp at lists.wsbarppt.com 
Subject: [WSBARP] Option to Purchase Real Estate

Hello All, 

 

I’ve done several Option Agreements in the past. Typically, I will prepare an Option Agreement with all of the required formalities, and attach a Purchase and Sale Agreement (with an agreed upon purchase price) as an exhibit. However, in this particular case, the parties haven’t decided on a purchase price. 

 

I want to draft the Option Agreement in such a way that it operates like a right of first refusal---whereby the Grantee of the option may purchase the property for “a price equal to any bonafide non-contingent 3rd party offer received by Grantor during the option term” (or something to that effect). 

 

Is that language sufficiently definite to create an enforceable Option Agreement? 

 

Would a Purchase and Sale Agreement still be a required exhibit if the Option Agreement contained the proposed language?

 

Has anyone prepared an Option Agreement similar to this? 

 

Thanks,

 

Eric J. Lanza, J.D.



1800 Cooper Point RD SW NO. 8  |  Olympia, WA 98502  

Telephone 360.352.1970  | Fax 360.357.0844 |  www.jaglaw.net  

eric at jaglaw.net 

 

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