1st Refusal

[PaulR]

I have a question in reference to a 1st refusal clause put into a contract I have when I bought my house. I purchased the property from my In-Law's when his mother passed away. When we bought the property we went to a lawyer and had everything drawn up. There was one line put into the paperwork that when I go to sell the house I have to give him 1st refusal. Which is fine but what does it mean. Do I have to offer the house at the same price I paid for it? I have made many improvements and have added value to the home. What do I have to or not have to do in this type of situation? Thanks for your help! We are in the state of PA.

------------------

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by PaulR:
I have a question in reference to a 1st refusal clause put into a contract I have when I bought my house. I purchased the property from my In-Law's when his mother passed away. When we bought the property we went to a lawyer and had everything drawn up. There was one line put into the paperwork that when I go to sell the house I have to give him 1st refusal. Which is fine but what does it mean. Do I have to offer the house at the same price I paid for it? I have made many improvements and have added value to the home. What do I have to or not have to do in this type of situation? Thanks for your help! We are in the state of PA.

<HR></BLOCKQUOTE>

Based on the language that you have stated, all you need to do is offer the home to him first at whatever list price that you determine when you put the home on the open market.