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If you are wanting to sell your land and if a statement was put in the deed when you first purchased the land that you must first offer the sale of the land to the original seller. What are the rules for this type of transaction?
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Wills and Estate Planning Attorney serving Sugar Land, TX
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The language in your deed is known as a right to first refusal. This means that you need to first make an offer to the original seller to see if he or she is interested in repurchasing the land. If he or she accepts, then you've found a buyer and you can start negotiating the terms of the sale. If he or she declines, then you are free to put the property on the market. If you don't take this step, however, you may be liable for breach of contract because you've effectively promised to give the original seller an opportunity to repurchase the property from you.
Answered on Sep 30th, 2013 at 3:37 PM