Property Management
A Washington commercial tenant has a right of first refusal in their lease. This means:
AThe tenant has the right to purchase the property at any time
BBefore the landlord accepts an outside offer, they must offer the tenant the opportunity to match the terms✓ Correct
CThe tenant is first in priority for lease renewal
DThe tenant may refuse any rent increase
Explanation
A right of first refusal (ROFR) gives the tenant the contractual right to match any third-party purchase offer received by the landlord before the landlord accepts that offer from the outside buyer.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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