This is the first of two advanced lessons on real estate purchase options. In so doing, the lesson covers their contract nature of options and their uses.
The next lesson covers the peculiar problems presented when an option involves real estate.
Since they are advanced lessons, these lessons involve applying what has been learned in the basic courses on Contracts and Property as well as concepts covered in a Real Estate Transactions course. Therefore, please refer to basic CALI lessons that cover those topics if a gap needs to be filled or the understanding of a concept needs to be refreshed.
Upon completing this lesson successfully, a student will be expected to:
1. Demonstrate a knowledge of substantive legal doctrine fundamental to the uses of options in real estate transactions.
2. Identify legal issues and apply legal reasoning and analysis to determine in a logical and structured manner the appropriate uses of options in real estate transactions.
3. Communicate the legal reasoning and analysis regarding the uses of options in real estate transactions.
4. Demonstrate a proficiency in reading critically the materials related to the uses of options in real estate transactions.