One of the local “flippers” was selling a home. In the deed was…..
The Grantor hereby reserves a first right of refusal. If Grantee sells the herein conveyed property Grantee must offer the property to Grantor at the same price and terms as offered to a third party. Grantor shall have fifteen (15) days from receipt of the offer to notify Grantee of acceptance of the offer or this first right of refusal shall be void.
None of this was agreed to this in the contract. Our in-house attorney, John McLaurin from Universal Title spotted this language and immediately questioned it.
It is my understanding, that the “flipper” is now going to have an addendum allowing this deed restriction.
Contact me if you want the details….. Mark