Property Ownership
Vermont's condominium association's right of first refusal allows:
AUnit owners to purchase common areas
BThe association to match any offer to purchase a unit before the sale to an outside buyer✓ Correct
CThe developer to repurchase units
DThe town to acquire condominiums for affordable housing
Explanation
Some Vermont condominium declarations grant the association a right of first refusal, allowing the association or other unit owners to match any outside purchase offer before the unit can be sold to an outsider.
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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.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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