J
Jean
Guest
Hi, can you explain what the term "right of first refusal" means? Thank you in advance for your response.
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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Jean:
Hi, can you explain what the term "right of first refusal" means? Thank you in advance for your response.<HR></BLOCKQUOTE>
The term is more commonly called the "first right of refusal."
You are given by the other party, the first right to accept the deal or refuse. The other party gives you the first right (to lease, buy etc) before offering the deal to anyone else.
Ex. I am selling my home for $300K. You offer me $285K which I reject but give you the right of first refusal to buy at this price if another same price offer comes in. Another Buyer makes an offer for $285K. I then go back to you and ask you to exercise your right to buy or refuse.
[This message has been edited by HomeGuru (edited August 03, 2000).]
Hi, can you explain what the term "right of first refusal" means? Thank you in advance for your response.<HR></BLOCKQUOTE>
The term is more commonly called the "first right of refusal."
You are given by the other party, the first right to accept the deal or refuse. The other party gives you the first right (to lease, buy etc) before offering the deal to anyone else.
Ex. I am selling my home for $300K. You offer me $285K which I reject but give you the right of first refusal to buy at this price if another same price offer comes in. Another Buyer makes an offer for $285K. I then go back to you and ask you to exercise your right to buy or refuse.
[This message has been edited by HomeGuru (edited August 03, 2000).]
J
Jean
Guest
If a home is owned by two people (not married) and one forces the other to sell, they list at $300,000, can one of the owners refuse to sell to the other? Even if the other is willing to pay the full listed price? Can they refuse to give the other "Right to first refusal"? Thanks again in advance for your help!
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Jean:
If a home is owned by two people (not married) and one forces the other to sell, they list at $300,000, can one of the owners refuse to sell to the other? Even if the other is willing to pay the full listed price? Can they refuse to give the other "Right to first refusal"? Thanks again in advance for your help!<HR></BLOCKQUOTE>
The right that you are talking about is not automatic but must be agreed to in advance. In your case, what are the circumstances where one owner is forcing the other to sell.
If a home is owned by two people (not married) and one forces the other to sell, they list at $300,000, can one of the owners refuse to sell to the other? Even if the other is willing to pay the full listed price? Can they refuse to give the other "Right to first refusal"? Thanks again in advance for your help!<HR></BLOCKQUOTE>
The right that you are talking about is not automatic but must be agreed to in advance. In your case, what are the circumstances where one owner is forcing the other to sell.
J
Jean
Guest
We own a home with my father in law, 50/50.
We have had a major falling out and he wants to force us to sell. We have offered him approx. 65-70% of equity (we had the home appraised) and he will not sell his share to us, yet has now refused to pay his share of the mortgage and says "if I can't have it, you can't either" (not that he even wants it) but he intends to see that we won't be able to keep it. We have poured every red cent we have into the home and property, therefore we don't want to lose it. He has even taken my husband out of his will and now is leaving his half to my sister in law.
Thank you again for any advice you can offer.
We have had a major falling out and he wants to force us to sell. We have offered him approx. 65-70% of equity (we had the home appraised) and he will not sell his share to us, yet has now refused to pay his share of the mortgage and says "if I can't have it, you can't either" (not that he even wants it) but he intends to see that we won't be able to keep it. We have poured every red cent we have into the home and property, therefore we don't want to lose it. He has even taken my husband out of his will and now is leaving his half to my sister in law.
Thank you again for any advice you can offer.
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Jean:
We own a home with my father in law, 50/50.
We have had a major falling out and he wants to force us to sell. We have offered him approx. 65-70% of equity (we had the home appraised) and he will not sell his share to us, yet has now refused to pay his share of the mortgage and says "if I can't have it, you can't either" (not that he even wants it) but he intends to see that we won't be able to keep it. We have poured every red cent we have into the home and property, therefore we don't want to lose it. He has even taken my husband out of his will and now is leaving his half to my sister in law.
Thank you again for any advice you can offer.<HR></BLOCKQUOTE>
Thanks for providing the details. Your post is now totally different from your original. He can not force you to sell but you could buy him out. Why are you offering him a lower percentage of his equity. Pay him 100% of his share and cash him out. Or make him an offer he can not refuse. If things get worse, hire a real estate attorney to work out a settlement.
We own a home with my father in law, 50/50.
We have had a major falling out and he wants to force us to sell. We have offered him approx. 65-70% of equity (we had the home appraised) and he will not sell his share to us, yet has now refused to pay his share of the mortgage and says "if I can't have it, you can't either" (not that he even wants it) but he intends to see that we won't be able to keep it. We have poured every red cent we have into the home and property, therefore we don't want to lose it. He has even taken my husband out of his will and now is leaving his half to my sister in law.
Thank you again for any advice you can offer.<HR></BLOCKQUOTE>
Thanks for providing the details. Your post is now totally different from your original. He can not force you to sell but you could buy him out. Why are you offering him a lower percentage of his equity. Pay him 100% of his share and cash him out. Or make him an offer he can not refuse. If things get worse, hire a real estate attorney to work out a settlement.
J
jean
Guest
Thank you again. I think you have misunderstood, we have offered him 65-70% of TOTAL equity and he is demanding much more. I do have an real estate attorney but we don't seem to be able to go forward. I'm afraid that if we persue the partition of the partnership that we will lose the place. That was why I was wondering if he can make us sell if we are offering him more than his share. He is wanting a ridiculous amount of money. A sum that would mortgage us over the value of the home! It's a give me this amount or I'll make you sell kinda situation. Thank you again, I appreciate the information.
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