2009 California Civil Code - Section 884.010-884.030 :: Chapter 4. Unexercised Options

CIVIL CODE
SECTION 884.010-884.030

884.010.  If a recorded instrument creates or gives constructive
notice of an option to purchase real property, the option expires of
record if no conveyance, contract, or other instrument that gives
notice of exercise or extends the option is recorded within the
following times:
   (a) Six months after the option expires according to its terms.
   (b) If the option provides no expiration date, six months after
the date the instrument that creates or gives constructive notice of
the option is recorded.

884.020.  Upon the expiration of record of an option to purchase
real property, the recorded instrument that creates or gives
constructive notice of the option ceases to be notice to any person
or to put any person on inquiry with respect to the exercise or
existence of the option or of any contract, conveyance, or other
writing that may have been executed pursuant to the option.

884.030.  (a) Except as otherwise provided in this section, this
chapter applies on the operative date to all recorded instruments
that create or give constructive notice of options to purchase real
property, whether executed or recorded before, on, or after the
operative date.
   (b) This chapter shall not cause an option that expires according
to its terms within one year before, on, or within one year after the
operative date of this chapter to expire of record until one year
after the operative date.
   (c) This chapter shall not cause an option that provides no
expiration date and that is recorded before the operative date of
this chapter to expire of record until five years after the operative
date of this chapter.
   (d) Nothing in this chapter affects a recorded instrument that has
ceased to be notice to any person or put any person on inquiry with
respect to the exercise or existence of an option pursuant to former
Section 1213.5 before the operative date of this chapter.


Disclaimer: These codes may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.