The right reserved for the condo association that gives them the first opportunity to buy or lease a unit when it becomes available is called the right of first refusal.
Right of first refusal is a contractual right to enter into a business transaction with a person or company before anyone else can. This right is usually reserved for the condo association which gives them the first opportunity to buy or lease a unit when it becomes available.
Suppose if the party with this right declines to enter into a transaction, then the obligor is free to entertain other offers. Thus, the Right of first refusal also assures the holder that they will not lose their rights to an asset if others express interest.
Hence, this is a popular clause among lessees of real estate.
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