Property Ownership
Vermont's 'right of first refusal' granted to a tenant under a lease means:
AThe tenant has the right to purchase the property at any price they choose
BIf the owner decides to sell, the tenant must be given the opportunity to match any bona fide offer before the owner can sell to a third party✓ Correct
CThe tenant can refuse all visitors to the property
DThe tenant automatically becomes the owner after 5 years
Explanation
A right of first refusal gives a tenant the contractual right to purchase the property on the same terms as any acceptable third-party offer before the owner can complete a sale to that third party. It must be exercised within the time specified in the lease or agreement.
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