real estate contract

[jhzabel]

This is the problem as i understand it. my great grandfather passed away and left the property somewhere around 10 plus acres to one of his sons in the 80s. The property is located next to a college. now the son and the owner of the college had a substantial amount to drink one night soon after he inherited the property and got the son to sign a paper saying he can not sell the property to anyone other than the college and no family members can inherit the property from him except a son/daughter. now he has no children of his own. minus the fact he was inebriated although that would probably be his word vs the other persons is this type of contract legal. can they limit who can inherit the property only to children even though he has none and is now elderly? can they limit the ability to sell the property to only the college?

 

[STEPHAN]

Was the document notarized?

Was it in any way officially documented? (filed, etc.)

 

[FlyingRon]

If such a paper exists, it should be taken to a lawyer. Notarizing isn't likely an issue. The lack of consideration would seem to fail to make it a contract. If he wants to rescind his agreement to do so, it sounds like the University is without recourse. Further, unless he actually made some sort of ownership deed or recorded restriction, it's hard to see how the university would have any claim on either the estate or anybody the son deeds the property while alive or who inherits it after he dies.