Does anyone know where I can find a Texas First Right of Refusal Contract for real estate or similar contract language?
I’ve looked in the forms section here at REIclub.com and multiple web searches…
Thank you!!!
Just curious. What are you trying to accomplish?
Local real estate agent, local RE attorney or local RE association
Thanks for your reply!
Dave T…I have a long term lease on a retail property. I would like to have 1st rights to purchase the property at some point in the future.
BLL…I have asked several realtors but this is not a typical contract that realtors use, no one in my RE Association has language for First Right of Refusal Contract, and the attorneys that I have spoken with… well lets just say that they are attorneys.
Maybe if you wouldn’t mind, you could ask your RE Association, or a realtor that you know. Or, maybe you have other ideas where I might find the contract language.
Thanks again guys!
Send a PM to mcwagner. He is from TX and might have a better answer for you. I’m not from TX.
sellthensail, run a search for first right of refusal on this forum and the notes forum. You should find an answer, but why didn’t you write this in the first agreement? herbster
The only time I have run into a “right of first refusal” is when a multi-unit property is undergoing a condo conversion. When the owner completes the conversion and begins to sell the individual properties, state law may dictate that the current tenants have “right of first refusal” to purchase their individual unit.
Since you have a retail space, and a commercial lease, talk to your attorney about adding a provision to your lease that would give you a right of first refusal should the owner decide to sell the property during your tenancy. You can either wait until the lease is up for renewal, or try to negotiate a new lease now.
You could always contact the owner and tell him/her that if the owner is contemplating selling, you would like a chance to make an offer to purchase before the property is listed with a real estate agency.