I’m looking to purchase a small property (1/2 Acre) for 1K and re-sell for 4-5K. I cam across this language in the deed.
Is this Covenant enforceable or transferable to the new buyer (Me)? I believe the Grantor (builder) is no longer in business.
In writing up the new deed, do I need to include this language? I believe the property would lose its value if the new buyer were required to use a specific builder. What would you do in this situation? Buy the property and hope for the best? Pass on the property???Thanks in advance for your responses!!!!
“Under and Subject to, in favor of the Grantor Herein and its assigns, a covenant prior to the construction of any residential dwelling on the premises herein conveyed, to give the Grantors herein or its assigns the rights of first refusal to construct said residential dwelling The Grantees herein, their heirs and assigns, covenant that they will notify the Grantors herein or assigns, of any bona fide construction bid from any proposed contractor by certified mail, return receipt requested, and the Grantor herein or its assigns shall have 90 days from receipt of such notice to accept or reject the construction bid. If accepted, grantor and/ or assigns will then construct the said residential dwelling under the same term and conditions as the proposed bid.
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