Two of your favorite clients, a brother and a sister in their 20s, have come to you for help with the sale of a beautiful lake shore cottage. Both the brother and the sister feel very sad about having to sell the cottage, but with their present incomes, they simply cannot afford maintenance and taxes on the cottage.
Your clients have asked you to draw up the necessary papers. While talking with them, you realize that each of them dreams of being able to buy the cottage back sometime. You ask them if they would like you to include a right to first refusal so that if the prospective buyer ever sells the cottage they would be given the first chance to buy it. They are delighted with the idea and ask you to include such a provision in the contract.
Draft a contract that your clients, the brother and sister, can have any purchaser sign.
1. First, remember to set forth the names and addresses of the parties and how the buyers intend to title.
2. Specify the amount of the purchase price, the date of closing and the form in which the money must be paid at closing.
3. State how much has been paid at deposit at the time of signing the contract.
4. How long does the buyer have to secure financing?
5. What happens if the buyer cannot get the approved type of financing within the stated time?
6. What happens if any of the parties should die
7. What happens if the property is partially or completely destroyed prior to closing by fire, wind, storm, earthquake or other event beyond the control of the parties.
8. Who carries insurance on the property between the time the contract is signed and the time of closing?
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