It would be a poor land owner who would ever put a right of first refusal in a contract as it does not let the land owner sell to friends or family for values below current market price.
You legally can not roll the land to your heirs, without letting the “first refusal†guy have a chance to buy it at that price.
Most land owners don’t even realize the problem. Same as land owners who provide a lease with an option to extend it. The only reason a renter would extend a lease is if rents are the same or higher. Again bad deal for the land owner.
You legally can not roll the land to your heirs, without letting the “first refusal†guy have a chance to buy it at that price.
Most land owners don’t even realize the problem. Same as land owners who provide a lease with an option to extend it. The only reason a renter would extend a lease is if rents are the same or higher. Again bad deal for the land owner.
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