Right Of First Refusal On A Prime Property
There is a property that I am very interested in buying. It is the perfect spot for an apartment building and is owned by an elderly widow. She doesnt have a strong desire to sell it while she is alive but she is pretty old. I am not trying to pressure her to sell her property and understand her desire to live out the rest of her days in her own house. However, I was thinking of approaching her and offering her some money to sign a right of first refusal. That way, I have the opportunity to buy her property when it comes available. Has anybody ever done a right of first refusal and had any luck?
Look at the difference btwn a option and a right of refusal.
Keep in mind, the poster stated this is raw land - not a developed parcel.
Whatever you do, make sure any agreement you have signed survives as an obligation to the estate when she passes away.
Thank you very much for the replies. Cjmazur, what is an option?