Lease Agreement Right Of First Refusal

The S3A notification must be served by the new owner, whether or not the original lessor has served a notice of offer on the legitimate tenants prior to the assignment. To allow a tenant to exercise the option of the right to refuse pre-emption, the tenant cannot currently be late in his rental agreement and have met other requirements, such as timely payment of his rent, etc. The right of the first refusal clause or amendment is a legally binding document that gives a tenant the first right to buy a property when it is placed on the market. This means that if a landlord decides to put the property up for sale, they must accept the tenant`s reasonable offer, if the tenant decides to make one.