Right of first refusal
"Right of first refusal" is a legal term, frequently used in real estate transactions which says that a person has the right to accept or reject an offer to sell something from some other person before the other person can offer the thing that is for sale to any other party.
What is the best Spanish(México) translation of this term.
2 Answers
tener la primera opción de compra.
However, in Spain , cash is king and nobody would wait for you, if a cash buyer arrived on the scene. En España el efectivo es el rey...
Se dice otorgar la primera opción de compra. In real estate, the first right of refusal is usally granted to a live-in tenant to buy the property they are occupying before it is widely offered on the market.
Also, some condo or home owner's association may reserve the right of first refusal. If after mutually agreed upon they decide not to make an offer to the seller, then he/she has the right to put it on the market for general buyers to bid on.
