Contracts
In Arizona, the right of first refusal gives a party:
AThe right to purchase a property before it is offered to others
BA guaranteed right to match any third-party offer before the owner accepts it✓ Correct
CThe right to lease before others
DPriority in foreclosure proceedings
Explanation
A right of first refusal gives the holder the right to match any bona fide third-party offer on a property before the owner can accept that offer from the third party.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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