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    bwhgolfer's Avatar
    bwhgolfer Posts: 2, Reputation: 1
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    #1

    Aug 26, 2008, 10:04 AM
    Obliqation on First Right of Refusal
    My father law sold some property many years ago and the individual he sold it to add a first right of refusal clause into the contract for lot 8 of his property. He recently received an offer to buy the house and all of his land from another person. That contract was precented to the holder of the first right of refusal and she agreed to match the off for all of the property and the house. My father in law has changed his mind about selling his property and has decided not to sell. The real estate agent is telling him he has to sell because he originally excepted and signed the first contract and the holder of the first right of refusal has optioned to match that offer. What are the potiential ramifications for him if he backs out of both deals now? The property is located in Bossier City, Louisiana 71111.

    Thank you
    Billy Horton
    [email protected]
    rockinmommy's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
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    #2

    Aug 26, 2008, 11:42 AM
    Do they have a written sales contract (s)? If so are they signed?

    If there's a signed sales contract(s), he has an obligation to perform whatever he agreed to in that contract. If he doesn't it will be up to the buyer(s) to hold him to it. It may state in the contract what remedies they'll have, or it may be up to a judge according to the laws of your state.

    I have heard of cases where the seller changed their mind and were ruled by a judge to sell the property. And I've heard of cases where the seller changed their mind and they were ruled by the judge to pay damages to the buyer. AND I've heard of cases where the seller changed their mind and the buyer just went off and cried in their beer and maybe had a little hissy fit, but nothing really happened.

    He's taking his chances if he doesn't go through with the sale. No one can know what will happen until it lands in the courtroom and a judge rules for or against him.
    bwhgolfer's Avatar
    bwhgolfer Posts: 2, Reputation: 1
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    #3

    Aug 26, 2008, 11:54 AM
    He has a signed contract with a party that doesn't hold the first right of refusal, he doesn't have a signed contract with the person that holds the first right of refusal on just a piece of the property. Thanks for your insight rockinmommy
    rockinmommy's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
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    #4

    Aug 26, 2008, 11:57 AM
    Quote Originally Posted by bwhgolfer
    He has a signed contract with a party that doesn't hold the first right of refusal, he doesn't have a signed contract with the person that holds the first right of refusal on just a piece of the property. Thanks for your insight rockinmommy
    Does that party know about the other party have first right of refusal? Is that included in the contract?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Aug 26, 2008, 01:04 PM
    If he has a signed contract, ( and also the first right of refusal is also a legal contract) in fact he could not even sign the original offer unless he added it was pending first right of refusal, but he there is a agreement to sell, he may be forced to sell, and/or sued for damages the other party may have by not receiving that property
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