Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Albert died in 1990, leaving 582 acres to his relatives. Among the parcels was a property left to cousins Suzanne and Cathryn as co-owners. James, another relative, held a right of first refusal to buy the parcel if Suzanne and Cathryn should decide to sell their property. A right of first refusal gives the holder the right to match any purchase offer received from a buyer of the property. But the holder of a right of first refusal cannot force a sale if the property owner doesn't want to sell. Purchase Bob Bruss reports online. Later, Suzanne borrowed $163,000 from Cathryn, secured by Suzanne's half-ownership of their property. After Suzanne was unable to repay Cathryn, Suzanne gave Cathryn a deed in lieu of foreclosure, making Cathryn the sole owner of the property. When James learne...