Opinion ID: 1089444
Heading Depth: 1
Heading Rank: 2

Heading: specific performance of the option to purchase

Text: McReynolds cites National Security Insurance Co. v. Stewart, 43 Ala.App. 274, 188 So.2d 774 (1965), wherein it is stated: The period of time within which an option is to be exercised is an inherent ingredient; and, unlike a contract which calls for no stated time for performance, the period of time in the case of an option is of the essence of the agreement. Long v. Hirs, 270 Ala. 131, 116 So.2d 605. 43 Ala.App. at 277, 188 So.2d 774. While we have no disagreement with this well-settled axiom of jurisprudence, we cannot agree that it should apply to the facts before us. Stated another way, under the facts of this case, Jackson did not fail to exercise his option on time. As stated in Kennedy v. Herring, 270 Ala. 73, 116 So.2d 596 (1959): An agreement to `sell' imports an agreement to execute an instrument passing title. As said in Asbury v. Cochran, 243 Ala. 281, 283, 9 So.2d 887, 889, supra: `The general rule is that in the absence of stipulations to the contrary, every contract for the sale of real estate implies that a good title will be made. Kirkland v. O'Kelly, 218 Ala. 68, 117 So. 420; Baker v. Howison, supra [213 Ala. 41, 104 So. 239, 52 A.L.R. 1452]. `This applies to an executory contract for the purchase and sale of real estate and is given by law, and exists until the contract has been performed by the execution of a deed.' 270 Ala. at 77, 116 So.2d 596. See, also, Hunter v. O'Neill, 12 Ala. 37, cited and quoted from in Kennedy. The record is abundantly clear that Jackson, as of October 30, 1981, was unable to tender to McReynolds the agreed upon purchase price for the subject property; and this was a direct result of McReynolds's failure to present for examination a good and marketable title. In response to this fact, McReynolds stated, in effect, that there was no cloud on the title, or, if there was one, there should not have been. The mere fact that McReynolds thought he held good and marketable title does not satisfy his obligation of confirming this fact upon the public records  public records which, in this case, were found to evidence something short of good title. The reason for Jackson's failure to make the necessary tender within the prescribed time rests upon McReynolds and not upon himself. Cf., Herring v. Prestwood, 379 So.2d 548 (Ala.1979).