Many people have heard of “right of first refusal” on their property rental contracts, but what does that mean, and how does one exercise this “right”?
In essence, it is a legal agreement between and Landlord and a tenant, that should the landlord ever decide to sell the property, the tenant has the first opportunity to make an offer to purchase the then rented property. This is often to the advantage of both parties, as tenants get to purchase a property they like, and the landlord saves time in securing a buyer.
But, with all legal documents there are complicities, for more on this aspect read:
For quality guidance on your legal matters, contact Goldberg & de Villiers Inc. on (041) – 501 9800