Posted on: 15th Apr, 2010 09:02 am
This one is a little complicated.
We found a property that was previously the house of a minister. He lost the house to the bank. We came to an agreement on price with the bank and had a purchase agreement signed and sealed.
This property is within a development that was started by the church. In the covenants for the property, the church holds a first right of refusal on any sale within the development. They chose to exercise this right on the property we are tying to buy.
In essence, the minister is able to get his house back at a $50,000 discount to the original mortgage that he heald. Is this all legal? Do we have any recourse to contest this sale?
We found a property that was previously the house of a minister. He lost the house to the bank. We came to an agreement on price with the bank and had a purchase agreement signed and sealed.
This property is within a development that was started by the church. In the covenants for the property, the church holds a first right of refusal on any sale within the development. They chose to exercise this right on the property we are tying to buy.
In essence, the minister is able to get his house back at a $50,000 discount to the original mortgage that he heald. Is this all legal? Do we have any recourse to contest this sale?
If the Church has the first right to refusal, then they can go ahead and exercise their rights. As far as legality of the whole deal is concerned, I won't be the right person to comment on it. I would suggest you to contact an attorney and he would be able to guide you in a better way in this regard.