Ha. I’d like to say ONLY ME but as I have learned in the world of real estate the last few years, anything is possible.
My first contract was for a parcel of land. Went off without a hitch, accepted the offer without negotiations. My clients (who are friends of mine) are happy. Sellers are happy.
Due diligence time. Builders contacted, people walking the land asking questions, phone calls made, lawyers chatting…all is going smoothly until…
OOPSY! There was a surprise Right of First Refusal handed over to another party through a will…not properly recorded, in fact rather randomly found out about.
Now, my friends are sad. Seller still gets to sell, just to someone else—oh and has to pay some monetary damages to my clients, the lawyer and myself for our time.
I don’t think I remember learning about “Right of First Refusal” while studying for the NYS Real Estate exam but I DID however remember the term from law school. Never in a million years would I think my very FIRST contract and FIRST paycheck would be for something I didn’t sell in the long run, but hey…it makes an interesting story right?
And I just KNOW there is something AMAZING around the corner for my friends.