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Updated over 8 years ago,
Does ROFR qualify as lease option?
Hypothetical scenario: I want to give a tenant right of first refusal (ROFR) on future sale of a house. To further incentivize tenant to take good care of property and pay slightly premium rent, I would also like to give the tenant 25% of property price appreciation when he actually buys the house.
Does any of this fall into lease option restrictions(due on sale clause) by mortgage company? Would such a contract be considered executory?
Obviously, I need to consult a lawyer ( I appreciate referrals in DFW area) but I am wondering if BP can throw some light on this?
Assume I am dealing with good tenants that have great credit and income but would like to rent for few years before they decide to buy or not.