This case has been cited 1 times or more.
|
2012-07-11 |
SERENO, J. |
||||
| Nevertheless, the phrase "other similar instruments relative to the sale or conveyance of the subdivision lots and condominium units" is not broad enough to include an option contract. An option contract[34] refers to an agreement by which a person acquires the privilege of buying from or selling to another a particular property within a given time and at a named price, in consideration of the payment of a certain sum. It is neither a sale nor an agreement to sell, for the person does not sell or agree to sell the property. Rather, one sells the right or privilege to call for and receive the property at the election or option of another. Here, the owner parts with his or her right to sell the property, except to the other party, for a limited period. | |||||