Nope, this is a contract that both parties can (almost) freely negotiate. He just stipulated that if you ever want to sell it again, you MUST sell him the house at the fixed price. Now it depends on the wording. I think it might also apply if the land is already developed. So it could be (pure layman's guess from the gut) that you have to sell him the land including the house at that price even in 10 years. IF that's true and the right of first refusal does not only apply to the undeveloped land, there could surely be problems with the bank??