Dallas-Fort Worth Real Estate Investor Club

first right of refusal

  • 25 Apr 2020 2:00 PM
    Quote
    Message # 8927785
    Ron Johnson

    Howdy, in another state I want to be first in line when this elderly couple decides to sell. I'm thinking a contract stating First Right of Refusal. Is there such a thing? Is it already drawn up to be copied? What makes it binding if it can be so?
  • 26 Apr 2020 9:13 AM
    Quote
    Reply # 8929106 on 8927785
    Neil Aggarwal

    You can write anything you want and ask them to sign it. If they do, it is binding unless they challenge it in court and give a legal reason why it should not be enforceable.

    If you are looking for a pre-generated form, here is one I found searching the Internet:
    Right of refusal 

    I hope this helps,
      Neil Aggarwal
      Property Financing, LLC

    Last modified: 26 Apr 2020 9:14 AM | Neil Aggarwal
  • 26 Apr 2020 5:14 PM
    Quote
    Reply # 8929633 on 8927785
    Robin Carriger (Administrator)

    Hey Ron,

    I'm not an attorney, so this is not legal advice, but, if I were you, I'd use an Option to Purchase Real Estate agreement.  If you don't have one, feel free to give me a call at 817-300-1132.

    Be sure to make it renewable every few years, with or without a small renewal fee, and make sure to get it notarized and officially recorded.

    Other than that, I'd just casually touch base with the potential sellers from time to time to see if they need anything.

    Thanks,

    Robin
  • 27 Apr 2020 9:37 AM
    Quote
    Reply # 8930764 on 8927785
    Ron Johnson

    Thank you both, good information. That is why I pinged you guys.
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