Right of First Refusal

Elements of lease, cooperative and condominium agreements that offer the holder the right to purchase or possess the subject property. With leases, the right of first refusal would allow the tenant to get the first chance to buy the property or lease additional space if the landlord seeks to sell or lease the property. With condominiums and cooperatives, the association or co-op may have the right to buy the property before the seller officially puts it on the market. For more information, see the "All About Leases" or "Condominiums" articles in the "Real Estate In-Depth" section.

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Real Estate 101

Real Estate 101

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