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<p class="MsoNormal"><span style="color:#1F497D">I think either could work. Depending on terms it might be more like a right of first refusal than an option to purchase. But in any event, you could put in a termination date that is comfortable far in the future
to ensure that your client can be sure, if he doesn't want the property by then, he won't want it at all.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">If you don't want a termination date at all, certainly a TIC agreement could work. You probably need a covenant as well, to agree not to sue for partition.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Sincerely,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Eric<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Eric C. Nelsen<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">SAYRE LAW OFFICES, PLLC<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">phone 206-625-0092<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>nestor@pplsweb.com<br>
<b>Sent:</b> Thursday, February 07, 2019 10:56 AM<br>
<b>To:</b> 'WSBA Real Property Listserv'<br>
<b>Subject:</b> [WSBARP] Tenancy in Common Agreement<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">A PC comes in and owns property with another couple. He wants to Buy them out down the road and they agreed. He is afraid that if they should die first, then the estate may or may not sell to him.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Is a tenancy in common agreement or option to purchase the way to go. My concern with the option to purchase is that it must have a termination date, if not it can be held unenforceable.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">What do you my learned colleagues suggest?<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>
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