Option to buy
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Option to buy
About 2 years ago, we had a contract drawn up by our real estate company giving a couple an option to buy our home. The contract stated they cannot be late, however they were late 4 months in a row. Yet, they paid. We did not kick them out but we let them know they were in breach of their contract. Is the contract void or is it still standing because we let them continue to rent?
Asked on July 30, 2018 under Real Estate Law, Utah
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
It is still standing for now, because by accepting the payments late, you "waived," or excused, those breaches. In the future, you can enforce the contract against them if they are late so long as you don't accept the payments--prior waivers do not necessarily or automatically waive future breaches. But you have to choose: enforcing the contract or the money--you can't have both simultaneously.
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