Contracts
What is a 'right of first refusal' in Rhode Island real estate?
AA buyer's right to make the first offer before a property goes on the market
BA contractual right giving a party the opportunity to purchase a property on the same terms offered by a third party before the seller can accept the third party's offer✓ Correct
CThe seller's right to refuse any offer
DA government's right to purchase property before it is sold to a private buyer
Explanation
A right of first refusal gives the holder the right to purchase a property under the same terms that the seller has accepted from a third party, before the seller can finalize the sale with the third party. It is commonly used in condominium documents and business partnerships.
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