Property Ownership
A Connecticut property is subject to a 'right of first offer.' This right requires the owner to:
AOffer the property to the right-holder at market value before listing it publicly
BAccept the first offer received from the right-holder
CGive the right-holder the opportunity to make an offer before the property is offered to third parties, but the owner is not obligated to accept✓ Correct
DMatch any third-party offer
Explanation
A right of first offer requires the owner to give the right-holder the opportunity to make an offer before marketing the property publicly. The owner can negotiate with the right-holder but is not obligated to accept their offer.
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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.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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