Property Management
What is a 'first right of refusal to purchase' in a Rhode Island commercial lease?
AThe landlord's right to refuse the first rental payment
BA lease provision giving the tenant the right to match any purchase offer the landlord receives before the property is sold to a third party✓ Correct
CThe tenant's right to first choose their desired office space
DA right for the property manager to purchase the property
Explanation
A right of first refusal to purchase in a commercial lease gives the tenant the right to purchase the property under the same terms offered to a third-party buyer. The landlord must notify the tenant of any offer before accepting it from another buyer.
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