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?

Comments(3)

  • cjmazur14th July, 2008

    Look at the difference btwn a option and a right of refusal.

  • finniganps14th July, 2008

    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.

  • bruno2417th July, 2008

    Thank you very much for the replies. Cjmazur, what is an option?

Add Comment

Login To Comment