Contracts
What is a 'right of first refusal' (ROFR) clause in a Nevada real estate context?
AA clause giving the seller the right to refuse any offer
BA contractual right giving a designated party the opportunity to purchase property before the owner can accept an offer from a third party✓ Correct
CA clause requiring the listing agent to present all offers first
DA Nevada tenant right to purchase their rental unit before it is sold
Explanation
A right of first refusal gives its holder (often a tenant, adjacent landowner, or investor) the right to match any purchase offer the seller receives before the seller can accept it. In Nevada commercial leases, tenants often negotiate ROFRs to have the option to purchase their leased premises if the landlord decides to sell.
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