J.C.owns a 20-acre parcel of land in Smallville.Brady is a developer who wants to build a subdivision in Smallville and offers J.C.$1,000 for a 30-day option to purchase the land for $1 million.J.C.agrees.Clara is J.C.'s sister and has a valid right of first refusal on the same land.Brady has been told by the bank that it will provide a construction loan for the development.What rights did Brady legally obtain when purchasing the option? What effect will Clara's rights have on Brady's option? Explain the three types of loans-construction,gap,and take-financing-that could be involved to complete the development.Discuss fully.

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The Answer of J.C.owns a 20-acre parcel of land in Smallville.Brady is a developer who wants to build a subdivision in Smallville and offers J.C.$1,000 for a 30-day option to purchase the land for $1 million.J.C.agrees.Clara is J.C.'s sister and has a valid right of first refusal on the same land.Brady has been told by the bank that it will provide a construction loan for the development.What rights did Brady legally obtain when purchasing the option? What effect will Clara's rights have on Brady's option? Explain the three types of loans-construction,gap,and take-financing-that could be involved to complete the development.Discuss fully.

JCOwns a 20-Acre Parcel of Land in Smallville