Real Estate Option Contract On Non-Created Lot

[y3468]

Jurisdiction

Ohio

Background: Bought a property in Ohio, someone put an option on part of the land of the property before it was split. The lot was not split, and the option contract was never exercised and expired.

Question: Can an option contract be legally enforceable after expiration if the specific property wasn't created? Wouldn't exercise expiration nullify everything anyway?

 

[Zigner]

It depends. You will likely need to speak to an attorney.

 

[adjusterjack]

the option contract was never exercised and expired.

Do you have a copy of that option contract?

What was the expiration date specified in the contract?

 

[zddoodah]

Bought a property in Ohio, someone put an option on part of the land of the property before it was split.

Who bought the property? You? When did you buy it? Who is "someone"? The person/entity from whom you bought the property? What does "put an option on part of the land" mean? Given that, in the very next sentence of your post, you wrote that "[t]he lot was not split," what does this even mean?

The lot was not split

Then your prior statement that "someone put an option on part of the land of the property before it was split" makes no sense.

Can an option contract be legally enforceable after expiration if the specific property wasn't created? Wouldn't exercise expiration nullify everything anyway?

These questions are utterly impossible to answer in any intelligent way without a lot more/better/more clear factual information and (likely) without reading the contract.

 

[flyingron]

It would depend very much on the terms of the option. It's possible that it still applies even if the property was subdivided. It may be a worthless piece of paper.

Get a proper attorney review and title search and then obtain owner's title insurance. I won't even take a gift of property from my sainted aunt without title insurance.

 

[OldSurveyor]

I would say that here in Ohio the concept of placing an option for sale on a parcel of land which has no existence in the contemplation of the law would be without effect. Understand that the parcel would have to have a legal description for conveyance produced by a licensed surveyor, and that description used in a deed or plat acceptable to the county auditor. A necessary process which would appear to be lacking.

The fact that the option contract has expired in any case resolves the issue.

Of course this seems so clear that I suspect a possible backstory here

I will stay tuned!