I want to buy a small convenience store that was just leased to another for one year. This person has first option to buy at the end of that year. The asking price is $125,000. If I offer more money at the end of the year, can the owner sell to me? Thank you in advance.
2007-05-31 03:38:48 · 4 answers · asked by Nonya B 1 in Business & Finance ➔ Other - Business & Finance
Try buying the first buyer's option, if you can find their name.
2007-05-31 04:22:22 · answer #1 · answered by jdkilp 7 · 1⤊ 0⤋
1st you have to give the 1st person his option or the seller has to. In some cases Offering more than the other may not get the property bought. The seller may have taken a liking to that other person and will let them buy at a reduced price or the like his terms and conditions better than yours. Might be if you go to the owner and see what it would take for you to buy if you could offer anything that he might like better than the other buyer.
Next a convenience store for $ 125k? Must be in a very small town or something. Are the Gas tanks up to county and state specs? Seems like an awfully good deal I'd surely go over all the details to see if there isn't a reason for this good buy. Could be hidden defects with the building, Troubles with the title to the property, or possibly you only buying the business and not the Real Estate? Do Some Digging before you jump....
2007-05-31 03:53:54 · answer #2 · answered by Scott 6 · 0⤊ 0⤋
Not if there a contract stating that the leaser has first option to buy. If there is nothing in writing then yes he can. Also, depending on the written contract, the owner could place the property for sale now and if the leaser does not have the money or does not want to buy you can get in it.
2007-05-31 03:43:52 · answer #3 · answered by Mike E 4 · 0⤊ 0⤋
Not legally. He could get sued. Do you really want to get involved in that? You could buy the First Option to Buy from the holder.
2007-05-31 03:41:51 · answer #4 · answered by Moondog 7 · 1⤊ 0⤋