Limited right of first refusal
Limited right of first refusal is a type of contractual right of first refusal where the price of the sale (and possibly other terms) are laid down in advance.
What is the limited right of first refusal?
Limited right of first refusal is a type of contractual right of first refusal where the price of the sale (and possibly other terms) are laid down in advance.
Thus, the property's current market value has no impact on the price. In case of a sale, the right-holder may purchase a property ahead of any third party at the price laid out in the contract.
Notarisation is mandatory. However, it has no value in the event of a judicial sale or if the property changes ownership without a sale (e.g. gift, inheritance).
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