QUESTION
How long are option contracts good for on thesale of a house?
Asked on May 07th, 2019 on Contracts - Tennessee
More details to this question:
In 2007 , An out of state buyer and myself made an option contract for the sale of my home. . 5 years or more had gone buy with no contact from him as to interest in still wanting to purchase the home. It was made known that he no longer was interested because he was starting a family. Was this a breach of our contract without telling me in writting?
1 ANSWER
How long did the agreement say that the option was for? An option means that he could exercise the option to purchase or not. Thus, there is no breach of contract if he decides not to exercise that option. If it was created in 2007 and he has not exercised the option, then sale the house to whomever you want.
Answered on May 07th, 2019 at 2:15 PM