Right of First Refusal, Statute of Limitations

[Fred Barnes]

What is the name of your state (only U.S. law)? Colorado

I recently discovered, quite by accident, that a piece of property I held a "right of first refusal" on was sold. Under the terms of the "right of first refusal" if an offer was ever made on that property I was to be notified in writing, given a copy of the offer, and then I would have 15 days in which to purchase the property myself at the exact same terms of the offer that was acceptable to the seller or I could just say no. The "right of first refusal" is recorded at the county court and I am surprised the title company missed that, as it is an encumbrance on that property.

I had no idea this property had been sold. The legal contract (right of first refusal) has been violated and my only choice at this point is to file a lawsuit against the seller to be able to enforce my right of first refusal. I choose to purchase the property under the same terms it was sold.

My question is this: What is the statute of limitations I am under, to file a lawsuit ? Also, when does the statute of limitations begin? Is it when I discovered the sale or is it when the sale actually took place ?

Thank you for your input in advance.

Fred

 

[Zigner]

Are you in a position to purchase the property under the exact same terms as the sale was made?

 

[tranquility]

What is the name of your state (only U.S. law)? Colorado

I recently discovered, quite by accident, that a piece of property I held a "right of first refusal" on was sold. Under the terms of the "right of first refusal" if an offer was ever made on that property I was to be notified in writing, given a copy of the offer, and then I would have 15 days in which to purchase the property myself at the exact same terms of the offer that was acceptable to the seller or I could just say no. The "right of first refusal" is recorded at the county court and I am surprised the title company missed that, as it is an encumbrance on that property.

I had no idea this property had been sold. The legal contract (right of first refusal) has been violated and my only choice at this point is to file a lawsuit against the seller to be able to enforce my right of first refusal. I choose to purchase the property under the same terms it was sold.

My question is this: What is the statute of limitations I am under, to file a lawsuit ? Also, when does the statute of limitations begin? Is it when I discovered the sale or is it when the sale actually took place ?

Thank you for your input in advance.

Fred

While most SOL issues have to do with known or should have known, for a recorded encumbrance, I'm not sure there is a statute beyond adverse possession. Since you would need an attorney to sue on this anyway, you might as well get one now and ask him. I suspect the answer will be based more on the other side's response and the specific claims you make and remedies you desire.

 

[Fred Barnes]

Zigner

For some reason it won't allow me to reply directly to what you asked. The answer is, YES. I am sitting here at my desk and all I have to do is pick up my check book and write a check. I have plenty of money to purchase this property under the EXACT terms that it was sold under.

 

[nextwife]

Was your ROFR properly recorded when entered into, and did it include the legal description?

 

[Fred Barnes]

Was your ROFR properly recorded and include the legal description?

I previously owned this property. I sold it and with the contract of sale the buyer gave me a "right of first refusal". It was all handled by a Real Estate attorney, everything was property recorded and legal. The buyer later gave that piece of property to his wife with my consent and by me signing a "consent to conveyance" which stipulated that the consent was strictly for that transfer from him to his wife and that my "right of first refusal" remained valid. They got a divorce a couple years ago. She later sold that property without my permission and without honoring the "right of first refusal". I doubt she even knew of the "right of first refusal".

Bottom line, this entire thing is completely legal and all things have been handled by an Attorney. I don't do things without an attorney's help. I am just on here to do a bit of research myself and my question remains unanswered. What is the Statute of Limitation in State Law that I am under in order to file this lawsuit to enfore the "right of first refusal" and when does that Statute start running.?

 

[tranquility]

For a recorded encumbrance, I'd say adverse possession.

Info edit:
But, other things such as probate might affect that.

See also:
http://www.cobar.org/Docs/TitleStandards03.pdf

 

[nextwife]

So have you checked the public record to see if there is anything against this real estate showing the ROFR? Have you contacted your attorney who handled this and dumped the issue in their lap to fix?

 

[Fred Barnes]

My question

This is the question I asked in my original post on this thread.

My question is this: What is the statute of limitations I am under, to file a lawsuit ? Also, when does the statute of limitations begin? Is it when I discovered the sale or is it when the sale actually took place ?

Obviously none of you know what the Statute of Limitations is but thank you for your best effort at changing the subject.

 

[Zigner]

This is the question I asked in my original post on this thread.

My question is this: What is the statute of limitations I am under, to file a lawsuit ? Also, when does the statute of limitations begin? Is it when I discovered the sale or is it when the sale actually took place ?

Obviously none of you know what the Statute of Limitations is but thank you for your best effort at changing the subject.

I'm sure your attorney will be happy to advise. Good day.

 

[tranquility]

This is the question I asked in my original post on this thread.

My question is this: What is the statute of limitations I am under, to file a lawsuit ? Also, when does the statute of limitations begin? Is it when I discovered the sale or is it when the sale actually took place ?

Obviously none of you know what the Statute of Limitations is but thank you for your best effort at changing the subject.

Um...I think I stated it twice and gave you a reference where you could find it depending on your actual claim. If there is a defect in title because of a recorded encumbrance the chain will always be broken. At the point of the owner having the property long enough under adverse possession, they would win if they tried to quiet title. If other events happened, like probate, it would depend on the specific rule you would sue over to enforce the encumbrance. OBVIOUSLY, the more facts known about a situation, the more issues that arise--each that might have a specific SOL issue. But, since it is an affirmative defense, let them plead it. If there were an SOL, it would start when you knew or should have known of the sale. As I already stated that and you continue to ask the question you do, I think you are a troll or a person who does not understand English very well. If the time is long enough, you might better ask for a Statute of Repose. Sheesh.

 

[You Are Guilty]

Did someone ask for a statue of repose?

http://farm8.staticflickr.com/7126/7632227720_540cd59299_z.jpg

 

[tranquility]

Did someone ask for a statue of repose?

http://farm8.staticflickr.com/7126/7632227720_540cd59299_z.jpg

Actually, since I think this may be homework, I won't post two Colorado Supreme court cases on the issue that may resolve the OP's questions to his teacher's satisfaction. Suffice to say, more facts would be needed. So, for now, I shall accept the statue as the statute. (Well played.)

 

[Fred Barnes]

Did someone ask for a statue of repose?

http://farm8.staticflickr.com/7126/7632227720_540cd59299_z.jpg

Now that right there is funny. I don't care who you are.

 

[Fred Barnes]

It is amusing to see how people that don't know an answer to something come up with questions of their own, attack the OP etc. all to cover their own inadequate ability's. Perhaps some of you are here because you weren't good enough to actually become attorneys. Living the life via the keyboard. Reminds me of the movie, "catch me if you can" but of course he was intelligent. You people have fun BS-ing those who come on here for advice that have no means of hiring real legal help. Pathetic at best.

By the way, the Statute is 6 years from the date of the breach of contract. There, now you will know in case someone else asks the same question. Now, wasn't that simple.