Posted by Clint Coons on October 29, 2003 at 23:07:57:
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.
Anderson Law Group, PLLC