Contracts
A Pennsylvania Agreement of Sale that includes a 'first right of refusal' for the seller's neighbor means:
AThe neighbor can purchase the property at any time
BIf the seller receives an offer they intend to accept, the neighbor has the right to match it and buy instead✓ Correct
CThe neighbor must approve any sale of the property
DThe seller must first offer the property to the neighbor before listing
Explanation
A right of first refusal (ROFR) gives a specified party the right to match any acceptable offer before the property can be sold to a third party. The holder of the ROFR must exercise it within the specified time period or lose the opportunity.
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