Hello,

Just wondering if anyone can explain this topic? I have a
piece of land which has this first refusal bit in it, 30 days.
Does that mean they can just say I want it in 30 days, or do
they have to come up with the cash?

If I sell the property to someone else, can the refusal people
get it back?

The refusal bit also includes pricing info, such that I can only
sell for the purchase price plus improvements. They were
complaining about the price. Now that I told them I was thinking
of taking another offer, they are more interested. He
wants to send a $500 down payment, which I dont think I should
accept. I basically want all the money at once or nothing.

The deed doesnt seem to have any specifics on what constitutes
refusal.

Oh, the other offer includes me being able to continue to live
here, rent-free :)

Any thoughts would be helpful,

-Greg

greg@supercgis.com (Greg Hassan) wrote in message
news:<p3abgv41s269s203he63f6ghrqp3dgn9ju@4ax.com>... Hello, Just wondering if anyone can explain this topic? I have a piece of land which has this first refusal bit in it, 30 days. Does that mean they can just say I want it in 30 days, or do they have to come up with the cash?

A right of first refusal means you have to inform the holder of the
RFR of the existence of the other offer, and you have to inform the
potential buyer that someone holds a RFR, at least 30 days _before_
your independent offer can be accepted and become a binding contract.

If the RFR holder decides within that time that _he_ wants to buy the
property for the agreed terms, then that's it. If he doesn't, you're
free to close the deal with the other buyer.

They don't have to come up with the cash within the 30 days -- but of
course, neither would the other buyer. They just have to say "yes"
within 30 days (the default answer, if they say nothing, is "no, I
don't want it"). Then they have to come up with the money in
whatever amount of time was agreed.
If I sell the property to someone else, can the refusal people get it back?

No, if you jump thru the right hoops first. The RFR has to be
exercised (or the time to act allowed to lapse) _before_ the other
deal can be closed.
The refusal bit also includes pricing info, such that I can only sell for the purchase price plus improvements.

That's unusual. The more common form is, they have to match the
other offer.

BTW, has it even occurred to you you might benefit from hiring an atty
to help you in this? There's a passel of money at stake, sounds
like.
They were complaining about the price. Now that I told them I was thinking of taking another offer, they are more interested. He wants to send a $500 down payment, which I dont think I should accept. I basically want all the money at once or nothing.

What did the agreement say about this? If nothing, IMO they would
have the usual commercially reasonable time to come up with financing
and/or full payment before closing on the deal. What they have to do
within the 30 days is reach a definite agreement to buy for your set
price.
The deed doesnt seem to have any specifics on what constitutes refusal.

Simple failure to reach an agreement constitutes refusal, assuming you
make them the necessary offer which they then have a right to accept
or ignore.
Oh, the other offer includes me being able to continue to live here, rent-free :)

You've already said that the RFR is not pegged to the terms of hte
other offer. So this is irrelevant, except of course to your desire
to accept the indept. offer.
Any thoughts would be helpful, -Greg

Just this: GET A LAWYER. You have no grasp of even the most basic
concepts you're dealing with. You need someone who knows what he's
doing to act on your behalf in this negotiation or you will likely get
the short end of the stick.

--
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Mike Jacobs
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