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This concerns a farm lease. My brother was the executor and

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This concerns a farm lease...
This concerns a farm lease. My brother was the executor and is now the successor trustee. Not trying to be mean, but his mind isn’t very good at understanding the ramifications of terminology, and to compound the problem, is dealing with a lessee known to be ruthless. One aspect of the lease that is problematic is someone many years ago talked my mom into letting the deed contain a right of first refusal. I there any way that can be stricken? The next problem is he extended the lease in 2013 for another five years and mom was 89! He obviously should have been smart enough to not do that, but wasn’t. How should we handle these problems? Thanks
Submitted: 1 year ago.Category: Real Estate Law
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10/5/2016
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,065
Experience: 17 years real estate, Realtor. Landlord 26 years
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Hello and welcome! My name is ***** ***** I am a licensed attorney whowill 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.

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Real Estate Lawyer: Barrister, Lawyer replied 1 year ago

One aspect of the lease that is problematic is someone many years ago talked my mom into letting the deed contain a right of first refusal. I there any way that can be stricken?

.

Unfortunately, a right of first refusal (ROFR) is a property right, so it can't be terminated unless the holder of that right agrees to do so in writing. But only they can waive that right.

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The next problem is he extended the lease in 2013 for another five years and mom was 89! He obviously should have been smart enough to not do that, but wasn’t. How should we handle these problems?

.

The length of the lease wouldn't have anything to do with mother's age.. If she were to pass, then her estate would become the landlord until the property descended to the heirs and then they would become the landlords until the expiration of the lease.

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However, both the estate and the heirs would also still be bound under the ROFR and would have to honor it. The only ways to extinguish it would be to offer it up for sale, get an offer, and then you notify the holder of the option that they have XX days to buy or not buy, depending on what the ROFR terms say. The other way would be to get them to extinguish it in writing, usually by paying them something to purchase the option from them.

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It might not have been the wisest course of action for the trustee to make these moves, but as trustee he has the legal authority to bind the trust and these would be enforceable..

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience,even when I know the answer doesn’t make the customer happy...

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.

thanks

Barrister

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Customer reply replied 1 year ago
I should have mentioned that mom passed this last April, so we are the heirs. I've been told that we would need to buy out the rest of the lease from now until 2018 which amounts to a significant amount of money. Is it true we have to honor that lease and continue paying him if we sell the farm to another buyer?
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago

Is it true we have to honor that lease and continue paying him if we sell the farm to another buyer?

.

If you buy out the lease, then that is normally a one time payment. But if you entered into a contract to pay in installments, then yes, you would have to do so or just pay it off when you sold the farm. If you sold the farm then the new owner would take it subject to the existing lease and just become the new landlord. Leases just transfer from owner to owner as the property is sold.

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But if you sold it, and didn't buy out the ROFR you would have to offer it to the tenant after you got a signed offer from a buyer. Then if he can't or won't buy it within the option period, it expires and you are free to sell it to whoever you want. If you did, then the lease just transfers to the new owner.

.

.

thanks

Barrister

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