First right of refusal

[Darla Nunes]

Hi my friends:)

I have a property leased out to a farmer and in the lease agreement it states verbatim: "Lessee has the first right of refusal to purchase property should leasor decide to sale at  the same amount offered to a buyer" Has anyone here ever dealt with a first right of refusal here? Some say I have to have a bonfied offer first & then ask him if he want to buy it for that price, if this is the case then I'd have to tell my buyer "ok let me see if my lessee want to buy it at your offer first" if I were the buyer I'd be pissed off! In this even I run the chance of loosing a potential buyer? 

[Wayne Brooks]

This is not uncommon, and shouldn't scare off a real buyer.  In fact you can tell them if they really want it, give you their best offer up front to keep the tenant from buying.  Obviously, any contract you have with a buyer must have language acknowledging the right of first refusal, and a timeline for eliminating it.