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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal>The option or right of first refusal should have a defined period or it may be considered an unreasonable restraint on alienation. I am not sure if WA courts hold this way.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:black'>Nestor Gorfinkel, Attorney at Law<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'>Licensed in Washington & Florida<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'>Florida Civil-Law (International) Notary<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='font-size:10.0pt;color:black'>ATTENTION - This e-mail message and any attachment to this e-mail message may contain confidential information that is legally privileged. If you are not the intended recipient, you must not review, retransmit, convert to hard copy, copy, use or disseminate this e-mail or any attachments to it. If you have received this e-mail in error, please notify us immediately by return e-mail or by telephone at the phone numbers provided herein and delete this message. Please note that if this e-mail message contains a forwarded message or is a reply to a prior message, some or all of the contents of this message or any attachments may not have been produced by the sender.<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:10.0pt;color:black'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:24.0pt;font-family:Webdings;color:#009900'>P</span></b><b><span style='font-size:24.0pt;color:#009900'> </span></b><b><span style='font-size:9.0pt;font-family:"Verdana",sans-serif;color:#009900'>Please consider the environment before printing this e-mail.</span></b><span style='font-family:"Century Schoolbook",serif;color:black'><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com> <b>On Behalf Of </b>Krista MacLaren<br><b>Sent:</b> Thursday, May 17, 2018 7:32 AM<br><b>To:</b> WSBA RPPT Real Property Discussion Forum <wsbarp@lists.wsbarppt.com><br><b>Subject:</b> Re: [WSBARP] Option to Purchase Real Estate<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>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?<o:p></o:p></p><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p><div><div><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:10.5pt;font-family:"Helvetica",sans-serif;color:black'>Krista J. MacLaren<br>Attorney at Law<br>Northgate Executive Center II<br>9725 3rd Ave NE, Suite 600<br>Seattle WA 98115<br>(206) 523-6116<br><a href="mailto:kjm.inc@icloud.com">kjm.inc@icloud.com</a><br><br>Please note, as with most email providers, Mac does not encrypt email messages. Accordingly, the confidentiality of messages sent to this address cannot be assured. This e-mail is intended for viewing only by the individual or entity to whom its content is addressed, and it may contain confidential or privileged information. If you received this email in error, please honor the privacy of the intended recipient: reply to the sender regarding the error and delete the message.<o:p></o:p></span></p></div></div><div><p class=MsoNormal><br><br><o:p></o:p></p><blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'><div><p class=MsoNormal>On May 16, 2018, at 2:40 PM, Josh Grant <<a href="mailto:jgrant@accima.com">jgrant@accima.com</a>> wrote:<o:p></o:p></p></div><p class=MsoNormal><o:p> </o:p></p><div><div><div><div><p class=MsoNormal><span style='font-size:13.5pt'>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.</span><span style='font-size:14.0pt'><o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:14.0pt'> <o:p></o:p></span></p></div><div><div><div><div><p class=MsoNormal><strong><span style='font-size:18.0pt;font-family:"Calibri",sans-serif;color:#004080'>Joshua F. Grant</span></strong><span style='font-size:14.0pt;color:#004080'><br></span><span style='font-size:14.0pt'><advocates[3].png><br></span><span style='color:#004080'>P. O. Box 619<br>Wilbur, WA 99185<br>509 647 5578</span><span style='font-size:14.0pt'><o:p></o:p></span></p></div></div></div></div><div><div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'> <o:p></o:p></span></p></div><div><div><p class=MsoNormal style='background:whitesmoke'><b><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'>From:</span></b><span class=apple-converted-space><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'> </span></span><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'><a href="mailto:eric@jaglaw.net" title="eric@jaglaw.net"><span style='color:#954F72'>Eric Lanza</span></a><o:p></o:p></span></p></div><div><p class=MsoNormal style='background:whitesmoke'><b><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'>Sent:</span></b><span class=apple-converted-space><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'> </span></span><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'>Wednesday, May 16, 2018 2:14 PM<o:p></o:p></span></p></div><div><p class=MsoNormal style='background:whitesmoke'><b><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'>To:</span></b><span class=apple-converted-space><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'> </span></span><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'><a href="mailto:wsbarp@lists.wsbarppt.com" title="wsbarp@lists.wsbarppt.com"><span style='color:#954F72'>wsbarp@lists.wsbarppt.com</span></a><o:p></o:p></span></p></div><div><p class=MsoNormal style='background:whitesmoke'><b><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'>Subject:</span></b><span class=apple-converted-space><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'> </span></span><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'>[WSBARP] Option to Purchase Real Estate<o:p></o:p></span></p></div></div></div><div><p class=MsoNormal><span style='font-size:12.0pt'> <o:p></o:p></span></p></div></div><div><div><p class=MsoNormal>Hello All,<span class=apple-converted-space> </span><o:p></o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div><div><p class=MsoNormal>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.<span class=apple-converted-space> </span><o:p></o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div><div><p class=MsoNormal>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 3<sup>rd</sup><span class=apple-converted-space> </span>party offer received by Grantor during the option term” (or something to that effect).<span class=apple-converted-space> </span><o:p></o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div><div><p class=MsoNormal>Is that language sufficiently definite to create an enforceable Option Agreement?<span class=apple-converted-space> </span><o:p></o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div><div><p class=MsoNormal>Would a Purchase and Sale Agreement still be a required exhibit if the Option Agreement contained the proposed language?<o:p></o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div><div><p class=MsoNormal>Has anyone prepared an Option Agreement similar to this?<span class=apple-converted-space> </span><o:p></o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div><div><p class=MsoNormal>Thanks,<o:p></o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div><div><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D'>Eric J. Lanza, J.D.</span><o:p></o:p></p></div><div><p class=MsoNormal><b><span style='font-size:10.5pt;font-family:"Century Gothic",sans-serif;color:#E36C0A'><image001.jpg></span></b><o:p></o:p></p></div><div><p class=MsoNormal><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#404040'>1800 Cooper Point RD SW NO. 8</span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#5D6F21'> </span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C'> </span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#5C6D2C'>|</span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#5D6F21'> </span><span class=apple-converted-space><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C'> </span></span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C'>Olympia, WA 98502</span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#5D6F21'> <span class=apple-converted-space> </span></span><o:p></o:p></p></div><div><p class=MsoNormal><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C'>Telephone 360.352.1970<span class=apple-converted-space> </span></span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#1F497D'> </span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#5C6D2C'>|<span class=apple-converted-space> </span></span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C'>Fax 360.357.0844<span class=apple-converted-space> </span></span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#5C6D2C'>|</span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#5D6F21'> </span><span style='font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C'> <a href="http://www.jaglaw.net/">www.jaglaw.net</a><span class=apple-converted-space> </span></span><span style='font-family:"Arial",sans-serif;color:#1F497D'> </span><o:p></o:p></p></div><div><p class=MsoNormal><u><span style='font-family:"Arial",sans-serif;color:#17365D'><a href="mailto:eric@jaglaw.net">eric@jaglaw.net</a></span></u><o:p></o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;color:#000099'>Nothing contained herein should be construed as legal advice.</span><o:p></o:p></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;color:#000099'>The purpose of this email is to transmit a message or document.</span><o:p></o:p></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;color:#000099'>Should you not be the intended recipient of this email message,</span><o:p></o:p></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;color:#000099'>please reply advising of the mistake and then delete this message<span class=apple-converted-space> </span></span><o:p></o:p></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;color:#000099'>from your computer. Should you have any questions,<span class=apple-converted-space> </span></span><o:p></o:p></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;color:#000099'>please call the Sender at 360-352-1970.</span><o:p></o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div><div><p class=MsoNormal><span style='font-size:12.0pt'><o:p> </o:p></span></p></div><div class=MsoNormal align=center style='text-align:center'><span style='font-size:12.0pt'><hr size=2 width="100%" align=center></span></div><p class=MsoNormal><span style='font-size:12.0pt'>_______________________________________________<br>WSBARP mailing list<br><a href="mailto:WSBARP@lists.wsbarppt.com">WSBARP@lists.wsbarppt.com</a><br><a href="http://mailman.fsr.com/mailman/listinfo/wsbarp">http://mailman.fsr.com/mailman/listinfo/wsbarp</a><o:p></o:p></span></p></div></div></div><p class=MsoNormal><span style='font-size:10.5pt;font-family:"Helvetica",sans-serif'>_______________________________________________<br>WSBARP mailing list<br></span><a href="mailto:WSBARP@lists.wsbarppt.com"><span style='font-size:10.5pt;font-family:"Helvetica",sans-serif;color:#954F72'>WSBARP@lists.wsbarppt.com</span></a><span style='font-size:10.5pt;font-family:"Helvetica",sans-serif'><br></span><a href="http://mailman.fsr.com/mailman/listinfo/wsbarp"><span style='font-size:10.5pt;font-family:"Helvetica",sans-serif;color:#954F72'>http://mailman.fsr.com/mailman/listinfo/wsbarp</span></a><o:p></o:p></p></div></blockquote></div><p class=MsoNormal><o:p> </o:p></p></div></div></body></html>