You need have a buyers agent represent you in these documents for an attorney.
If not qualify for your own loan purchase direct from owner.
If you own the property have lease purchase you can make own demands either party agrees or not. Part of contract negotiations.
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There are just too many properties out there right now. Are you SURE this is the right one for you? What is your agent saying about all this?.....you DO have one, right?
The only time I have seen anything like this, is in the case of a FHA foreclosure where the property is selling way below market. There is a clause that is put into the contract that states something to the effect that you HAVE to live in the house and not resell for up to 24 months for an amount (usually $50-$60k) more than you paid.
What does your realtor say?
What is in your contract with the seller?
Who knows what will happen in 7 years or even next year.
What if house is destroyed and you want to sell to the insurance company?
I would imagine, that as long as it's considered "legal" (not against the law), anything that you two agree to in writing, and sign... would be legal and binding.
(for example, you couldn't legal agree to sell drugs... since that's an illegal activity and that would make your "agreement" null and void).
But I can't imagine why he would want that, nor can I imagine why you would agree.
WHY does he want this provision? What does your ATTORNEY say? This is the person you should be asking.
Think there is more to this question if we knew the background.
This sounds very strange. Seems there is an agenda here. Maybe the seller knows something about the neighborhood or area you do not and wants to cash in.
I would say no and if the seller insists, walk away. Not in your best interests.
What does your real estate agent say?