Q: I have a question about "first right of refusal" on a piece of property that I own that I may be leasing out to someone.
I am selling my business and I own the property that my business resides out of (the property is not part of the sale). The new buyer wants first right of refusal, they cannot purchase both the property and the business right now. I do not intend to hold onto the property for a long period of time. Can I put in a time frame for how long they can take to get financing for the building if I chose to sell it (I am close to retiring and I am thinking of moving out of the state so I want to sell it within the next few years).
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