real estate question
 

Hi

We are looking at some land to buy. The realtor said that the town has first right of refusal on the property we are looking at.

I didn't get to ask the realtor what that means. So anybody know?

Thank you
Dean

When you make and the seller accepts your offer, the town has the right to buy the property before you at the price you agreed to.

In other words, unless you really want the property, at any cost?

RUN! When government is involved in a selling/buying price? RUN! Ask yourself...why would government be involved in this process? Follow the money, son...follow the money. Then, RUN!

This nation is full of places to build your dream house.

Thanks for the info.

What are the reasons a town would want to have first right of refusal?

I assume one reason would be if a developer wanted to put up a bunch of houses. Is that correct? Are there any other reasons?

How long does a town have this right?

Thanks again
Dean

I imagine some towns have a blanket statement in their charter. I guess it gives the Board greater control on development etc.. and boards love control.

I imagine it's rarely enforced so you probably don't have to worry unless you're wanting to build a titty bar or something:D

Mmmmm-tities

City has an option to buy or right of refusal. I would think the City has already said what it plans are and the salesperson is not telling or not doing his or her job by finding out what is going on. City could want it for a park or some sort of treatment facility or anything in between. As far as how long the City has this right, have your agent contact the City Attorney and ask or have the salesperson contact the property owner and ask for a copy of the agreement. Good luck.

Or the city could decide not to buy, let you buy it, and then use emiment domain to just take it... cheaper for them that way...

Press your realtor on this....