Contracts
In New York, a 'right of first refusal' in a real estate contract gives the holder:
AThe right to purchase the property at any time for a set price
BThe right to match any offer received by the seller before the seller accepts it from a third party✓ Correct
CPriority in obtaining a mortgage over other applicants
DA guaranteed purchase option exercisable within 30 days
Explanation
A right of first refusal (ROFR) gives the holder the right to match any offer from a third party that the seller is willing to accept. If the seller receives an offer, they must first give the ROFR holder the opportunity to purchase on the same terms before accepting the third party's offer.
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