Signing an Agreement to Sell (ATS) with the broker with a specific clause that he will sell the property to you once the deal between him and the original buyer is concluded can be a viable option.
However, consider the following¹: - *Nature of ATS*: An ATS is a contract that promises to transfer the property in the future. It doesn't create any rights on the property for the buyer. -
*Priority of Agreements*: If the broker has already signed an ATS with the original owner, your ATS will be secondary to the existing agreement. -
*Risk of Default*: If the broker fails to complete the purchase from the original owner, your ATS may become unenforceable. -
*Specific Performance*: In case of breach of contract, you may have to seek specific performance through the courts, which can be time-consuming and uncertain.
To protect your interests: - *Include a clear clause*: Specify that the ATS is contingent upon the broker completing the purchase from the original owner. -
*Define obligations*: Clearly outline the broker's obligations and responsibilities. -
*Specify consequences*: Include provisions for damages or compensation in case of breach of contract. -
*Registration*: Consider registering the ATS to provide a public record of the agreement.
It's advisable to consult a lawyer to draft and review the ATS, ensuring it meets your needs and protects your interests.