Contracts
In Colorado, the 'Right of First Refusal Addendum' to the CBS contract gives the holder:
AA. The right to purchase the property at any time they choose
BB. The option to match any accepted offer on the property within a specified time period before the seller can proceed with the third-party buyer✓ Correct
CC. Priority in foreclosure proceedings
DD. The right to approve all future offers before the seller sees them
Explanation
A right of first refusal addendum gives the ROFR holder the opportunity to match an accepted third-party offer. When the seller accepts a purchase offer, the ROFR holder is notified and given a specified time (typically 72 hours to a few days) to match the offer's terms.
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