terms of sale, to nephew, steps to secure

[Deanna McCormick]

I have a nephew that's expressed desire to buy a property that I manage for our family trust. It does not have a mortgage so 100% free and clear.. 

I recently had it appraised and have given him price, timing for him would be better after Jan 1st, for me it would be better before end of the year. 

It's a 4 unit rental property with a SFH on same site, currently 100% occupied. I have another party that I mentioned to that I was planning on selling late this spring. I feel like I should give the nephew the opportunity but don't want to wait till January,, I was hoping to have some type of offer / purchase agreement by June thru a private party, as I didn't want to use a realtor.

Anyone else completed a " Sale between family members" I don't want to miss the window of this seasons timing for sale.

Should I expect Proof of funds and purchase agreement by May 1st to proceed, from nephew and if that isn't possible move on.. 

Any tips would be great. 

[Thomas S.]

Is there any advantage to your nephew purchasing this property over any other similarly valued 100% occupied unit. Are you giving him a discount of some sort or not.

Either way you make the offer based on your needs and simply let him decide. The plus for him is he will get first option on refusal. It is a standards sale aside from the fact it is someone you know.