Legal Question in Real Estate Law in Illinois

A family member wants to eventually sell me her home after they move out in anywhere from 1 - 5 years or pass away. She would like to draw up a contract that guarantees I'll be the first person given the chance to buy her home. I'll still have the opportunity to decline to buy it if for some reason I can't purchase it at the time the home is sold.

Does anyone know what the name of the contract I need? I've seen "Right of first refusal" contracts, but that's not exactly what I'm looking for since you have to match another persons offer.

Thanks for your help.


Asked on 4/13/12, 2:17 pm

1 Answer from Attorneys
Henry Repay Law Offices of Henry Repay

Both sides should consult with an attorney to consider all the ramifications, including tax impact. More likely than not, you would set this up as an option, but to make it enforceable, you would have to provide consideration.

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Answered on 4/13/12, 2:24 pm


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