Property Management
What is a 'right of first refusal' for a tenant in a Nevada residential lease?
AA right to refuse any landlord entry
BA contractual right giving the tenant the opportunity to purchase the property at the same price and terms offered to any third-party buyer before the landlord can sell to someone else✓ Correct
CA right to refuse any lease renewal offer
DA right to first consideration for any vacant unit in the building
Explanation
A right of first refusal (ROFR) in a Nevada residential lease gives the tenant the right to purchase the property if the landlord decides to sell, by matching any bona fide third-party offer. This is particularly valuable in long-term leases or when the tenant has invested in the property.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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