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Updated about 8 years ago,
First right of refusal
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?