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Last year I purchased a condo and worked in a buyback agreement.

Customer Question
I've been reviewing that agreement...
Last year I purchased a condo and worked in a buyback agreement. I've been reviewing that agreement and am not entirely clear about the language in one section. It states "The parties agree that anytime within 30 days after the five year anniversary from the date deed to XXX for Unit 301 is recorded, she can request the XXX purchase Unit 301 from her for $XXX..." My question is, if I were to exercise this agreement, must I wait for that 5yr anniversary? Or do I have up UNTIL those 30 days after to execute? Many thanks in advance...
Submitted: 3 years ago.Category: Real Estate Law
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Customer reply replied 3 years ago
agreement attached
Answered in 48 minutes by:
6/17/2015
Real Estate Lawyer: Andrea, Esq., Lawyer replied 3 years ago
Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 12,554
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
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Hi, my name is ***** ***** I will be glad to assist you and the only thing I ask is that you leave a positive rating which does NOT cost you anything, but that is the only way that JustAnswer gives us credit for assisting customers, Fair enough ?
You cited the following language,
""The parties agree that anytime within 30 days after the five year anniversary from the date deed to XXX for Unit 301 is recorded, she can request the XXX purchase Unit 301 from her for $XXX..."
And you asked the following question -
"My question is, if I were to exercise this agreement, must I wait for that 5yr anniversary? Or do I have up UNTIL those 30 days after to execute?"
ANSWER-
Thank you for your question. The right to purchase Unit 301 can be exercised only during a 30-day "window
1. First, the right to purchase does not accrue (Does not come into being) and cannot be exercised until 5 years from the date of the Deed;
2. Then, once the 5 years have elapsed, you have 30 days from that date to exercise the right to purchase. This is a very small "window. So, if you intend to exercise this right, mark it on your calendar. Also, be sure that if there is a certain way in which this right is to be exercised, that you understand exactly what you are required to do.
For example, assume that in order to exercise the right to purchase, you must deliver you written intent together with a bank or cashier's check for $1,000.
If you deliver your written intent and do not include the check for $1,000, or you deliver a bank check for only $500, half the amount that is required, or you deliver your personal check for $1,000, this will not be a valid way to indicate your intent to purchase the Unit. So, just make sure that if there are any instructions on how you are to indicate your intent to purchase the Unit, you follow all the requirements "to the letter".
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Please be kind enough to leave a positive rating so that the website will give me credit for assisting you.
Bonus and Positive Feedback are always appreciated,
Kindest Regards,
ANDREA
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