- Jurisdiction
- North Carolina
This is a discussion I will have with my attorney but would appreciate any input that I might be able to use when speaking with him
I leased a property with right of first refusal. In a wording glitch there was an expiration date they had to purchase and after that date I offered it to another company to purchase. They ended up with the right to purchase the property under the terms of that contract. I am owner financing.
Here is the question. The contract clearly states it is not assignable.
Exact wording, " Section 18. Assignment: This agreement may not be assigned by the parties, but prior to closing the Buyer may create a new limited liability company to hold title to the property and the parties acknowledge that such entity shall be obligated to carry out the Buyers obligations under this agreement and under the financing documents being held by the Seller."
The people I leased to is a company and my lease was signed in 2019 by the two active members of that company that are listed on NC Sec of State. They have set up a new LLC but the have added more Member/Managers. One of the member managers is an LLC that was formed in 2021.
Would this new company with the new members that were not a part of my original lease by considered "assigning" the contract. Or can any new member of that company as of even just a few weeks ago be a new buyer of my property?
Also, if they can add stockholders to the new LLC. Can they just add a few or to be correct as the buyer would all stockholders have to be added as buyer?
I would prefer not to sell to this company and owner finance with them. Could this could be a way out. I know (as they could not come up with the money when they could buy it) they did not have the money to put down for owner financing so they have gotten new investors.
I leased a property with right of first refusal. In a wording glitch there was an expiration date they had to purchase and after that date I offered it to another company to purchase. They ended up with the right to purchase the property under the terms of that contract. I am owner financing.
Here is the question. The contract clearly states it is not assignable.
Exact wording, " Section 18. Assignment: This agreement may not be assigned by the parties, but prior to closing the Buyer may create a new limited liability company to hold title to the property and the parties acknowledge that such entity shall be obligated to carry out the Buyers obligations under this agreement and under the financing documents being held by the Seller."
The people I leased to is a company and my lease was signed in 2019 by the two active members of that company that are listed on NC Sec of State. They have set up a new LLC but the have added more Member/Managers. One of the member managers is an LLC that was formed in 2021.
Would this new company with the new members that were not a part of my original lease by considered "assigning" the contract. Or can any new member of that company as of even just a few weeks ago be a new buyer of my property?
Also, if they can add stockholders to the new LLC. Can they just add a few or to be correct as the buyer would all stockholders have to be added as buyer?
I would prefer not to sell to this company and owner finance with them. Could this could be a way out. I know (as they could not come up with the money when they could buy it) they did not have the money to put down for owner financing so they have gotten new investors.
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