When Cathy Tuminno and Marjorie Waite inherited a certain piece of property, they agreed to give the other--along with James Flagella--the right to buy the parcel if it was ever offered for sale.
While the language of the parties' agreement cited to an "option," the Appellate Division, Fourth Department, was of the view that the parties actually contemplated a "right of first refusal." And since the lower court incorrectly determined that that right had somehow been triggered by the filing of a partition lawsuit, the AD4 sent the case back for further proceedings. (When it did so, the appellate court noted that a recorded agreement signed by Tuminno and Waite had reduced the property's purchase price from $120,000 to $80,000.)
Out of options, now?
To view a copy of the Appellate Division's decision, please use the following link: Tuminno v. Waite