Divorce and Option Contracts for Sale of Real Property
At the Law Office of David P Schwarz we have litigated numerous divorce and real property issues dealing with specialized conditions for sale. Please contact our Orange County Office for a consultation at 949 735 9266 or via the web. We can also be reached by email at firstname.lastname@example.org.
A Divorce lawyer can assist you for a specialized sale of your real property asset. An offer to purchase or sell real property generally can be revoked by the offeror at any time before acceptance by the offeree, without liability to the offeror, even if it expressly states that it is irrevocable. However, if the offeror and offeree enter into a separate agreement bound by independent consideration that provides that the offer shall remain open and irrevocable for a specified period of time, the offeror cannot revoke the offer; such a separate agreement is called an “option.”
A Divorce attorney will assist you in making the proper option offer for sale of your real property. The option agreement is a unilateral contract whereby, for consideration, the optionor promises not to revoke the offer in exchange for the act of the offeree of payment of the option consideration. The option does not require the optionee to perform any act, but the optionor is bound to perform at the election of the optionee. The optionee receives the right and power to create a bilateral contract of purchase by “exercising” the option during the life of the option. An option is transformed into a contract of purchase and sale when there is an unconditional, unqualified acceptance by the optionee of the offer in harmony with the terms of the option and within the time span of the option contract.
At the Law Office of David P Schwarz we will make sure the contract for sale of real property by use of an option is done correctly and with consideration. Because the option is an offer to sell or buy the property that produces a binding contract on acceptance, it must contain both the minimum terms necessary to create an option and the minimum terms of purchase and sale that will be contained in the ultimate contract.
An Orange County Divorce Lawyer will make sure the option contract for sale is done in writing as required by law. An option agreement for the sale of real property is within the statute of frauds and is not enforceable in the absence of the requisite memorandum in writing. In order to satisfy the requirements of the statute of frauds, the written memorandum must contain certain minimum terms,and in order to be capable of specific performance, the option agreement must also include the minimum terms required to create a contract for sale of real property and be sufficiently definite and certain to be specifically enforceable by a court in equity.
At the Orange County Law office of David P Schwarz we are well qualified lawyers who can handle many types of options contracts for sale of real property during the divorce proceedings. Please contact our office at 949 735 9266 or via the web. We can also be reached by email at email@example.com.