Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago on . Most recent reply

User Stats

105
Posts
52
Votes
William Glass
  • Investor
  • New York City Fort Myers FL, Birmingham AL
52
Votes |
105
Posts

Not honoring Purchase Option in Sales Agreement - Need HELP!!!!!!

William Glass
  • Investor
  • New York City Fort Myers FL, Birmingham AL
Posted

Hi BP,

I'm trying to help my mother out who had land in Sedona Arizona for 10+ years and had to sell in 2009. They sold it to their neighbor with a clause that gave my mom the option to purchase the land at fair market value prior to any other buyer. 

Well she just received a call that the neighbor is selling but won't sell the land separately from the house because the land, if built on would potentially block the neighbor's view. She was told they are not selling them separately and could make an offer on both. 

It appears that they agreed to terms via email, but the actual language in the sales contract of the land in 2009 says "(my mom) reserves the right to purchase this property back from the Buyer. Terms and conditions of said purchase shall be determined by the parties outside close of escrow. "

Does anyone have any experience with something similar and/or can someone recommend an Arizona Real Estate Attorney who can advise?

This parcel is sentimental to her (as I've already suggested we find a better parcel).

Thanks!

William

Loading replies...