That’s where understanding the “first right of refusal clause” becomes essential. This legal tool is common in contracts and ensures certain parties get precedence before others step in.

One of those obstacles is a right of first refusal that has been on the property for the last decade. The document, obtained by The Citizen, was first recorded in 2014 and updated in 2019.

When it comes to commercial leases, offering a tenant the chance to purchase the property or exercise a right of first refusal can be an appealing ...

The New York State rule against perpetuities is based on the common law rule and provides that “no estate in property shall be valid unless it must vest, if at all, not later than twenty-one ...