Posted by Clint Coons on October 29, 2003 at 23:07:57:
Gabriel,
Legal implies that by doing what you have described will result in breaking the law. In your scenario, the sale of an option or the exercise and sale of the land is governed by the option agreement. It may or may not violate the agreement to sell the option to a third party. Regardless, it is a common strategy used by many of my clients to tie up property until they can find a buyer.
Posted by E. Gabriel on October 29, 2003 at 14:24:51:
My question: If a property owner gives an option to an interested party does the person receiving the option have the right to advertise/market/auction the subject property: Example: Option of $100,000 on a piece of land. The one who receives the option ADVERTISES (Newspaper, etc.) to sell the option OR the property for $150,000 at a scheduled auction time. Is this legal to do?