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What is right of first refusal?
What exactaly is right of first refusal? If it was written into a lease does that give them the power to buy the house? What if the owner passed away, do the children have priority to inherit the house? If the children have authority to inherit the house, how does this work?
Asked By Devon | Sacramento, CA | 70 views | Finance Legal Info | 2 days ago
Answer(1)
Mark Gordon
Mark Gordon, Christiania
Right of First Refusal (ROFR) gives a tenant or another party the first chance to buy a property if the owner decides to sell, but it doesn’t give them the power to force a sale. If it’s written into a lease, the tenant can match another buyer’s offer once the owner chooses to sell. If the owner passes away, heirs inherit the property under estate law, but the ROFR stays attached—meaning if the heirs ever decide to sell, the ROFR holder gets their opportunity.
- 22 hours ago
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