Property Ownership
In Oregon, a 'right of first refusal' (ROFR) for a neighboring property owner means:
AThe neighbor has first rights to any buyer's offer before it goes to the seller
BThe neighbor has the right to match any third-party offer and purchase the property on the same terms before the seller can accept the outside offer✓ Correct
CThe neighbor can refuse entry to any buyer
DThe neighbor has first refusal on any lease of the property
Explanation
A right of first refusal gives the holder the right to purchase a property by matching any third-party offer received by the seller. When the seller receives a bona fide offer, they must notify the ROFR holder, who then has a specified period to match the terms or waive the right. ROFRs are common in neighboring property agreements, family situations, and commercial leases in Oregon.
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