Property Ownership
In Louisiana, the 'right of first refusal' given to a co-owner of immovable property means that if one co-owner wants to sell their share to a third party:
AThe other co-owners have no say in the sale
BThe other co-owners have a right to purchase the selling co-owner's interest at the same price and terms before the third-party sale can proceed✓ Correct
CThe third party automatically becomes a co-owner
DThe property must be partitioned before any sale
Explanation
Louisiana Civil Code (Art. 1014) and co-ownership agreements may give co-owners a right of first refusal — allowing them to match a third-party offer and purchase the selling co-owner's interest before the sale to an outsider can be completed.
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