Secaucus, NJ asked in Real Estate Law for New Jersey

Q: I want to buy real estate, sellers says its a condo and condo owners have right of first refusal. Any options for me

I am purchasing a business, and would like to buy the real estate as well (so I won't have to rent, and have better control of my expenses long term). The sellers just learned, that, because they are part of a condo, the by laws states that owners in their building have "right of first refusal". This means they can match a price from an external party (like myself). There is a landlord in the building who really wants this space. Is there any way to circumvent this? Can the sellers tell the owners that their buyer will not by the business without the real estate? Is that an option? or is there another option for me? Thanks so much in advance for your help

Related Topics:
1 Lawyer Answer
H. Scott Aalsberg
H. Scott Aalsberg
Answered
  • East Brunswick, NJ
  • Licensed in New Jersey

A: A lawyer would need to read the bylaws for the condo association to tell you what your rights are. I suggest you have your attorney who is working the deal check into this for you and if you don't have a lawyer you better get one.

1 user found this answer helpful

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.