Real-estate legal question

[wturner]

So I am reading over a lease for a dumpy little place in a "hot" part of town. I asked the agent to give me the Right of First Refusal if the owner should decide to sell. So it reads:

26. Special Provisions: (Do not insert a lease-option or lease-purchase clause without the assistance of legal counsel. Special obligations and liabilities under statute apply to such transactions.)

[then hand written in] Tenant is hereby granted right of first refusal should landlord decide to sell the property--

Its not really a lease-option or a lease-purchase, so does it work or is that an oxymoron and void?

 

[wturner]

I guess if the owner thinks its real, then its real, so long as she doesn't decide to challenge it.

 

[GDK]

If in doubt contact an attorney, with that being said here is my opinion; yes and I would record the lease at the court house purely for legal reference incase he sells it with out giving you right of first refusal. It will probably expire with your lease because no certain time frame is given. The above disclosure about lease options is to help insure that you are aware of the legal consequenses of signing one.

 

[ptschram]

Sign, date and time stamp in the margin next to the addendum indicating acceptance by both parties.

Then, record it at your county recorder's office (or whatever it's called in Texas).

When we bought this house, part of the closing was recognizing and recording a recorded easement and our rights to buy the land the easement granted access to.

 

[KevinNY]

Real Estate law varies greatly by state, ask a local attorney that specializes in RE.

 

[ptschram]

Is this really of sufficient import to do more than lay the groundwork for a future argument?

BJ wants some assurance that he gets first chance to buy.

If one really wants a piece of property, one makes an offer to buy now. Most folks who own rentals always have a price that they'll accept. BTDT, glad to be out of that business.