I am endeavouring to get a first option to buy FOTB on a residential house abutting my investment property. This property would add considerable value to my property which would then be sold as a larger development site.
The owner does not want to sell as he is 92 and wishes to leave the house for his two daughters who live with him. The old weatherboard house is located in the heart of a medical precinct as is currently worth in excess of $1million.
What is an appropriate amount to pay the owner for a FOTB?
What clauses does one need to put in the FOTB arrangement?Hi. I guess another option would be to respect his wishes to leave the house for his family, as that is a pretty special thing in iteself. if it ever down the track does come on the market, I’m sure you’ll find out quickly? [strum]
Do you mean a first right of refusal? This is very different to an option to purchase!!!
Investment Property Management
http://www.adprop.com.auYou are correct in being the first right to refuse as the owner has no intention at this stage to move. The property is an old weatherboard house in a prime medical location. The idea is to at least have them approach me first prior to going to a real estate agent and putting it on the market. It also gives me a bargaining tool if I wish to sell my properties prior to purchasing this one, to also be able to ‘sell’ next door.
Originally posted by Dr.X:Do you mean a first right of refusal? This is very different to an option to purchase!!!
Investment Property Management
http://www.adprop.com.auHi Dr X,
Could you expand a little on what a “first right of refusal” is?
I too have a neighbouring house I would like to get hold of.
Would this help at all?Giddo
http://www.standrewsplace.com.au“I am not a religious man; but if you are out there somewhere Superman, save me now! -Homer Simpson
You must be logged in to reply to this topic. If you don't have an account, you can register here.
