Legal Question in Real Estate Law in Indiana

Notification of first right

We had an offer on a house with a first right. We were contacted by our realtor and told that there was another offer on the house and we had 48 hrs to execute our first right. We had not yet sold our home and lost the sale with the first right. It took us 12 days to get back our earnest money. We have just learned that the offer that was made on the property that enacted the first right was verbal only, not in writing. One week after the first right was remvd we sold our home. That same day the paper work was actually signed on the other offer that made the first right go into effect. Did that offer that came in that enacted our first right have to be in writing? If it did, then we would have had our home sold and would not have lost the first right. Remember, that offer that came in was a verbal offer and not signed by the buyer until one week later, the same day we sold our home!


Asked on 10/09/02, 10:14 pm

1 Answer from Attorneys
John Bator Bator Redman & Shive

Re: Notification of first right

It depends on the language in your contract-what did it say as to how the right of refusal was to exercised or put in play? If it said it must be in writing, you might have recourse. Take the Purchase Agreement to an experienced real estate or contracts attorney and spend for an hour of his time

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Answered on 10/10/02, 1:21 pm


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