Chapter 17. Option To Purchase Given In Will of California Probate Code >> Division 7. >> Part 5. >> Chapter 17.

(a) Where an option to purchase real or personal property is given in a will, the person given the option has the right to exercise the option at any time within the time limits provided by the will. For the purposes of this section, if a time limitation in the will is measured from the death of the testator, that time shall be extended by the period between the testator's death and the issuance of letters testamentary or of administration with the will annexed or by six months, whichever is the shorter period.
  (b) If the will does not provide a time limit for exercise of the option, the time limit is one year from the death of the decedent.
  (c) Subject to subdivision (b), if the option given in the will is exercisable under the terms of the will after the time that the estate would otherwise be closed, the property subject to the option shall be distributed subject to the option.

(a) Where an option to purchase real or personal property is given in a will admitted to probate, the court may make an order under this chapter directing the personal representative to transfer or convey the property to the person given the option upon compliance with the terms and conditions stated in the will.
  (b) The personal representative or the person given the option to purchase the property may file a petition for an order pursuant to this chapter.
  (c) Notice of the hearing on the petition shall be given as provided in Section 1220.

The court shall not make an order under this chapter unless one of the following requirements is satisfied:
  (a) The court determines that the rights of creditors will not be impaired by the making of the order.
  (b) The court requires a bond in an amount and with such surety as the court shall direct or approve.

No omission, error, or irregularity in the proceedings under this chapter shall impair or invalidate the proceedings or the transfer or conveyance made pursuant to an order made under this chapter.