What is a right of first refusal?

A right of first refusal is a legal protection that gives a person or group the right to purchase a property before anyone else can buy it. In Virginia, a right of first refusal may be granted by the owner of a property to a tenant or to another party, such as a homeowner’s association. This right gives the person or group the chance to purchase the property first instead of having to compete with other potential buyers. For tenants, it can be a helpful legal tool to give them the chance to buy the property they already occupy at a fair market price before anyone else can. This is important in cases where a tenant’s landlord tries to sell the property without giving the tenant a chance to buy it first. The right of first refusal can also be used by homeowner’s associations, which may be granted rights to purchase a property before anyone else once it has been put up for sale. This ensures that developments and communities stay consistent and that homeowners who are members of the Association get the chance to purchase new properties first. Overall, a right of first refusal is an important real estate law that helps to protect tenants and homeowners in Virginia. It gives them the chance to purchase properties before anyone else has the opportunity to do so.

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What is a right of first refusal?

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