Home Forum Extra
Seattle Times business reporter Elizabeth Rhodes posts the answers to your real estate questions as they pop up during the week. Join this ongoing discussion, which also features reader reaction to real-estate articles appearing throughout The Times.
Home Forum, Seattle Times, P.O. Box 1845, Seattle, WA 98111
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August 13, 2008 7:30 AM
Owner wants to prevent home's destruction
Posted by Elizabeth Rhodes
Q: A nice Eastside home near mine was torn down, presumably to be replaced by a fancy house. I find it immensely sad to see the destruction of perfectly good resources. When I sell my home, can I require that the buyer not tear it down for at least 10 years?
A: You can, but it will likely hamstring your ability to get full value for your home, says Seattle attorney Brian Ritchie. "Any restrictions on what a buyer can do lessens its value. It's like if I sell you my car and say you can't drive it at night."
Otherwise, "basically whatever two parties want to contract to they can," Ritchie says. So you can craft such an agreement and make it binding not only on your buyer, but on any others within the stated time frame. It's all in how you write the document then record it with the county.
Ritchie says such agreements "are valid and enforceable if the court deems them to be reasonable." What's reasonable? Writing in a time limit is one example. Another is a contingency clause allowing the house to be demolished under certain circumstances (following an earthquake or fire, for instance).
You'll also have to include financial "consideration," Ritchie says. Example: You and the buyer agree the home's value without the teardown restriction is $500,000. You then credit the buyer $50,000 for agreeing to the restriction, which means you sell for $450,000. That $50,000 is "consideration."
An attorney can draft such an agreement should you decide to proceed.
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