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In my parents will and trust it says my brother has first…

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hi, in my parents will...
hi, in my parents will and trust it says my brother has first right to buy, the farm is divided in thirds. My brother farms the place rents from my mom. my dad just passed away and now he says he wants to buy the farm from mom cause he has first right to buy, he has no money, so he says my mom will gift me and sister 14000 a year, the trust says he has to pay fair market vallue, he cant do that , it's a non revocable trust and besides mom is still alive. my question is what does first right to buy mean. I thought it meant after both my parentd were gone he would have to buy me and my sister out , he thinks it means he can force the sale and set the price
Submitted: 2 years ago.Category: Estate Law
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Answered in 21 minutes by:
2/22/2016
Estate Lawyer: Barrister, Attorney replied 2 years ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 42,079
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

.

A first right to buy just means that if the trust or mother decides that they want to sell the farm, then brother gets the first opportunity to buy. it doesn't mean that your mother has to make him a special deal for him and generally, once the offer is made, he would have 30 days to contact a bank to secure financing. If he can't then they just sell it on the open market.

.

So he is wrong and his right to buy only comes into play if mother or the trust decided to sell. He has no right to force a sale to him and definitely no right to force mother to finance him.

.

.

thanks

Barrister

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