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 undivided co-ownership, the rights of withdrawal and of first refusal may disrupt the course of a real estate transaction. It is important to know that other co-owners may take precedence over a potential purchaser.  The title of the latter could be precarious for some time: a buyer who acquires rights in an  undivided co-ownership  without first receiving the approval of all the undivided co-owners is therefore liable to have his share redeemed and thus be excluded from the indivision.    
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Parking spaces qualified as private portions are commonplace in divided co-ownership. This special legal status is attributed to them by the declaration of co-ownership, which designates them as fractions in the section devoted to the description of the fractions. Like an apartment held in co-ownership, all these spaces have a unique lot number, along with a relative value, and a share. Their owners may, at a general meeting of co-owners, prevail themselves of the votes attached thereto. These votes are added, as the case may be, to those they have for their apartment
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