Mr. Smith gives Ms. Jones a check for $5,000 as option to purchase her land located in Napa Valley - both parties sign the option to buy contract - Ms. Jones accepts the check for $5,000 as an option to buy her land.  Ms. Jones agreed to sell to Mr. Smith her 2-acre commercial lot for $300,000. Mr. Smith has 90 days to exercise his option to purchase Ms. Jones' property at her asking price of $300,000.

Based on the limited details of this contract agreement, what one condition would you advise Mr. Smith and Ms. Jones to add to the contract to ensure a successful completion?  

What are the remedies for optionor/optionee should either party default on the deal.  Discuss other sources that provided additional helpful information related to this subject matter, etc. 

Answer rating: 100% (QA)

One condition that could be advised to Mr Smith and Ms Jones to ensure a successful completion of the contract is to include a provision regarding the payment of earnest money Earnest money is a depos... View the full answer