Property Ownership
The right of first refusal in Oklahoma real estate gives a party:
AThe right to purchase the property at any time they choose
BThe right to match any third-party offer before the owner can accept it✓ Correct
CPriority over all creditors in a bankruptcy
DThe right to lease the property before it is listed for sale
Explanation
A right of first refusal gives the holder the opportunity to match any bona fide offer from a third party before the property owner can accept that offer. It is a contractual right, not an obligation to buy.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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