Legal Question in Real Estate Law in Maine

Re: right of first refusal on property

The legal analysis needed to fully answer your question depends in large part on the need for a review of the language of the first refusal right.

Assuming that the first refusal grant is valid, the price at which the property is to be offered should be considered. If the price, or a method of determining price, is not otherwise referred to in the grant, it is likely implied that it is at or below a good faith, market price at which you will offer the property for sale to the general public.

A good faith market offer should be supported by an expert opinion of the market, either a broker or appraiser, and you should also think about if you want the services of a broker or attorney for the transaction.

In any event, notice to be given of a right of first refusal should be made in writing, with proof of its delivery (preferrable by certified mail or a signed acknowledgment of receipt the neighbor gives you directly), and a reasonable, but clearly delineated time period for acceptance must be provided.

Feel free to contact me personally for further discussion if necessary.