Minnesota:
I have a right of first refusal agreement on a piece of property adjacent to my house, the current owner offered to sell me the property for more than what I believe the market value to be. He is planning on co-developing the property with a friend of his in real estate.
Since he offered me the property without being given an offer by a third party and I chose not to accept it does that mean I have given up my right of first refusal? Also if and when he does sell the plots that they have developed do they have to inform me of the sale of thsoe lots(up until the time the right of first refusal expires of course).
Thanks,
I have a right of first refusal agreement on a piece of property adjacent to my house, the current owner offered to sell me the property for more than what I believe the market value to be. He is planning on co-developing the property with a friend of his in real estate.
Since he offered me the property without being given an offer by a third party and I chose not to accept it does that mean I have given up my right of first refusal? Also if and when he does sell the plots that they have developed do they have to inform me of the sale of thsoe lots(up until the time the right of first refusal expires of course).
Thanks,