Contracts
Iowa's Right of First Refusal clause in a real estate contract gives a specified party the right to:
APurchase the property before it is listed publicly
BMatch any bona fide offer received by the seller before the property is sold to a third party✓ Correct
CIncrease their offer after the seller accepts another buyer's contract
DVeto any sale of the property
Explanation
A right of first refusal (ROFR) gives the holder the contractual right to match any third-party offer the seller receives before the property can be sold to that third party. The holder must be given notice of the offer and a specified period to exercise the right.
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