Legal Question in Real Estate Law in California
option to buy
what are sellers right
Asked on 5/10/07, 6:52 am
1 Answer from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Re: option to buy
An option to buy, when exercised, obligates the owner to sell.
This is an oversimplified answer, but your question also lacks any details. Are we talking about real estate, or stocks and bonds?
An owner who may be obligated to sell upon the exercise or attempted exercise of an option may have rights and defenses, such as the option holder's failure, or inability, to tender the purchase price; prior expiration of the option through time lapse or option holder's breach of a condition precedent, etc.
If the option involves real property or other unique property (e.g., artwork) the owner can sometimes be forced to sell, i.e. money damages alone are not considered an adequate remedy.
Answered on 5/10/07, 12:02 pm