Definition : Right of first refusal

Right which entitles a co-owner to purchase, before any other person, the fraction (divided co-ownership) or the undivided share (undivided co-ownership) that another co-owner wishes to sell. This right is generally found in the declaration of co-ownership of small immovables as well as in indivision agreements. It is also known  as "preemptive rights" or "pact of preference".

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In co-ownership, the rights of withdrawal and of preemption may disrupt the course of a real estate transaction. In my practice, I had to intervene a number of times before proceeding with a sale, often to the astonishment (and sometimes displeasure!) of the parties, to safeguard their rights.
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