Property Management
A 'right of first refusal' in an Ohio lease allows the tenant to:
ARefuse rent increases at any time
BMatch any offer to purchase or lease the property before the landlord accepts a third-party offer✓ Correct
CTerminate the lease without penalty
DSublease to any third party
Explanation
A right of first refusal gives the tenant the opportunity to match a third-party offer to purchase or lease the property before the landlord can accept that offer.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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