Property Ownership
In Montana, a 'right of first refusal' on real property means:
AThe owner can refuse to sell to anyone they choose
BA specified party has the right to match any offer the owner receives before the owner can sell to a third party✓ Correct
CThe government has first right to purchase any property being sold
DThe buyer can refuse the property after inspection without losing earnest money
Explanation
A right of first refusal gives a specified party the contractual right to match any bona fide offer the owner receives from a third party. If the holder matches the offer, they have the right to purchase on those terms.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Math Concepts
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