Legal Question in Real Estate Law in South Carolina
Right of First Refusal
We are selling a condo. The homewoner's association has the Right of First Refusal. They say they are trying to purchase the condo. If at the end of 30 days they have not been approved for a loan or it is in the process, can we close with our original buyer? Our original buyer has offered even more money if we can close sooner, but the association says that they will only pay the original offer ($6k less). Can they do this?
1 Answer from Attorneys
Re: Right of First Refusal
You need to carefully review the Right of First Refusal to know what the obligations of each person are. Usually these are designed to protect the association from someone coming in with low offers to protect the value of all the units. But a Right of First Refusal in general requires the association to match or exceed the amount offered by an outside party, to protect the owner's right to receive the highest possible price. This sounds like an unusual situation and you should take all the documents to a lawyer to review.
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