[WSBARP] Option to Purchase Real Estate

[Krista MacLaren]

I’m just curious about the notice you record - does it have an expiration on it, or do you record the full agreement with the notice?  I inherited a phone number from a couple of retired attorneys, and I recently received a call from an escrow company involved in a sale of property.  In the title search, they found a notice of option recorded against a property in the early 1970s, but there was no agreement or details, and no way of knowing whether the option was still enforceable.  The original agreement was no longer on file in my office/the retired attorneys’ office as indicated in the notice.  How should this scenario be prevented?


Krista J. MacLaren
Attorney at Law
Northgate Executive Center II
9725 3rd Ave NE, Suite 600
Seattle WA 98115
(206) 523-6116
kjm.inc at icloud.com

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> On May 16, 2018, at 2:40 PM, Josh Grant <jgrant at accima.com> wrote:
> 
> 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
> <advocates[3].png>
> P. O. Box 619
> Wilbur, WA 99185
> 509 647 5578
>  
> From: Eric Lanza <mailto:eric at jaglaw.net>
> Sent: Wednesday, May 16, 2018 2:14 PM
> To: wsbarp at lists.wsbarppt.com <mailto: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.
> <image001.jpg>
> 1800 Cooper Point RD SW NO. 8  |  Olympia, WA 98502  
> Telephone 360.352.1970  | Fax 360.357.0844 |  www.jaglaw.net <http://www.jaglaw.net/>  
> eric at jaglaw.net <mailto:eric at jaglaw.net>
>  
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