Reynolds Bickerstaff Exclusive Right to Buy?
A prospective buyer requested the Exclusive Right to present my property to a prospective tenant recently. In the real estate world, exclusive right is general used to define a brokerage relationship between parties. For Example: exclusive agency is the employment of a particular broker. Exclusive Buyers Agent or Exclusive Right to Sell.
What is the Exclusive Right to Present? An inexpensive route to secure an Option Contract, that’s what it is. If I agreed and granted the prospective buyer the Exclusive Right to Present my property, I would have received zero consideration and my property would be unmarketable for 90 days. What seller would withdraw their property from the market for ZERO($0.00 USD) consideration?
According to The Georgia Associations of REALTORS The Red Book, “An option is a contract in which the owner is obligated to sell, and the purchaser has acquired the right, at his/her choice, to purchase property for a set price on set terms.” For any agreement to become binding, there must be consideration.
Consideration: an inducement, consisting of a thing that is legal and has value, for a person to enter into a contract.
If there is no value in entering a contract, how can one even consider it?