What are my options in signing a Promise to Sell to you First Contract?
Full Question:
I have been asked by an individual interested in purchasing my house if I will sign a document which states I will agree to give him first oopportunity to purchase my house. I do not plan to sell until I retire in April 2008. I told this party I would agree to give him first opportunity(his parents are my neighbors) however I do not feel comfortable signing a document a year in advance when anything could happen as well as he may not be able to meet my offer on the house. I feel like I will come out on the short end of the stick -so to speak-- Legally-what should I do?
04/10/2007 |
Category: Contracts ยป BuySell Agre... |
State: Mississippi |
#2886
Answer:
It is your decision how to price the option contract you sell to the potential buyer. If you sell the option contract to the potential buyer, it should reflect the value of your lost opportunities if the buyer decides not to purchase.