Contracts
In Maine, a 'right of first offer' differs from a 'right of first refusal' in that:
AThey are legally identical
BA right of first offer requires the owner to give the holder the first opportunity to make an offer before marketing widely; a right of first refusal is triggered by a third-party offer✓ Correct
CA right of first offer only applies to commercial property
DA right of first refusal must be exercised within 30 days
Explanation
A right of first offer gives the holder the right to make the first offer before the owner lists the property. A right of first refusal is triggered when the owner receives a third-party offer — the holder can then match it.
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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.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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