Landlord Question and Answer Forum

Does anyone have any good language or source for language to give a tenant the right of first refusal to purchase a property at the termination of a lease.

The buyer and seller agree that the seller retains the right to keep this property on the market and to accept other offers on his property. If the seller accepts another offer, the seller must notify the buyer or buyer's agent by _________ (phone, fax, in person) at _____________(address, fax number, phone number). The buyer will have __________ (timeframe) from receipt of seller's notice to remove the contingency and provide evidence of his ability to perform the terms of the agreement (i.e., confirmation from the bank as to financing, proof of bridge loan, accepted purchase contract on buyer's property). If buyer cannot supply such evidence, then this agreement is voidable at the option of the seller. If the seller voids the contract, then the earnest money will be returned to the buyer within ___ days. Time is of the essence as to this provision.

Posted by Donna , NC on Tuesday, September 6, 2011