Overland Park, KS asked in Contracts, Real Estate Law and Landlord - Tenant for Kansas

Q: 40 year lease states lessee can buy land for 25K. (value 40 years ago). They want to buy but it's worth 225K (39th year)

how do I get out of this? i'm losing 200K in value. I inherited 25% of land and bought out the others.

1 Lawyer Answer
Rick Davis
Rick Davis
Answered
  • Kansas City, MO
  • Licensed in Kansas

A: If the lease specifically says they can buy it at a set price, you are probably stuck. With that being said, an attorney can not really answer that question without looking at the document. I would recommend you have an attorney review the contract and provide you an opinion. It is going to cost you a couple hundred dollars, but that is a small price to pay to find out if you can keep from losing $200,000 in property value.

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