1,052,211
Option. Binds only the property owner, not the buyer or tenant. Usually secured with option money. They're under no obligation to purchase. They just have the right.
First right of refusal. Provides for a party, not always but often the buyer or tenant, to get first shot at a deal on the property should the seller decide to sell it. If a deal can't be made, or the buyer can't qualify, then their opportunity is lost.
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Jess Pealer
Salt Lake City, UT
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Angela Stephens
Cedar City, UT
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Kathleen Daniels, Prob...
San Jose, CA
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Anthony Acosta - ALLAT...
Atlanta, GA
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Christine Kankowski No...
Poway, CA
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Michael Setunsky
Woodbridge, VA
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Michael Jacobs
Pasadena, CA
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Tony and Suzanne Marri...
Scottsdale, AZ
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Marco Giancola
Miami Beach, FL
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Andrew Mooers | 207.53...
Houlton, ME
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Nina Hollander, Broker
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
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Debe Maxwell, CRS
Charlotte, NC
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Margaret Rome Baltimor...
Pikesville, MD
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Thomas J. Nelson, REAL...
La Jolla, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Silvia Dukes PA, Broke...
Spring Hill, FL
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Jordan Ayan
Scottsdale, AZ
2,161,148
Great answer from Candice A. Donofrio that doesn't leave anything to add.
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Jess Pealer
Salt Lake City, UT
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Andrew Mooers | 207.53...
Houlton, ME
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Nina Hollander, Broker
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Jesus Henao
Santa Clarita, CA
5,583,278
Candice A. Donofrio gave you the right answer....
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Anthony Acosta - ALLAT...
Atlanta, GA
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Andrew Mooers | 207.53...
Houlton, ME
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Nina Hollander, Broker
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
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Candice A. Donofrio
Fort Mohave, AZ
1,543,833
I'm with Ryan Huggins - Thousand Oaks, CA and impressed by Candice A. Donofrio
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Anthony Acosta - ALLAT...
Atlanta, GA
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
2,684,109
Candice A. Donofrio has the answer.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Andrew Mooers | 207.53...
Houlton, ME
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
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Candice A. Donofrio
Fort Mohave, AZ
5,230,130
Two totally different addenda as Candice A. Donofrio so perfectly explained!
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Jess Pealer
Salt Lake City, UT
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Bob Crane
Stevens Point, WI
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Anthony Acosta - ALLAT...
Atlanta, GA
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Andrew Mooers | 207.53...
Houlton, ME
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Candice A. Donofrio
Fort Mohave, AZ
6,393,609
Candice explains it well.
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
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Candice A. Donofrio
Fort Mohave, AZ
4,319,419
Jesus Henao - few good answers including one from Candice A. Donofrio.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Praful Thakkar
Andover, MA
5,217,017
Candice A. Donofrio gets the prize for the answer to this one!
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Anthony Acosta - ALLAT...
Atlanta, GA
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
1,502,998
Don't use 'em
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
2,781,173
One secures a right to purchase at a future date and the other says the property cannot be sold without it being offered to you first
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
3,988,007
I couldn't say it any better than our friend,. Options are no longer used much in my area.
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
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Candice A. Donofrio
Fort Mohave, AZ
2,220,654
Candice A. Donofrio has your answer.
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Bob Crane
Stevens Point, WI
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Candice A. Donofrio
Fort Mohave, AZ
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Anthony Acosta - ALLAT...
Atlanta, GA
3,071,489
Candice A. Donofrio nailed this one!
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Bob Crane
Stevens Point, WI
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Anthony Acosta - ALLAT...
Atlanta, GA
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Candice A. Donofrio
Fort Mohave, AZ
5,104,931
You have your answer from Candice A. Donofrio
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Anthony Acosta - ALLAT...
Atlanta, GA
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Candice A. Donofrio
Fort Mohave, AZ
231,224
the first right of refusal can typically not be resold. a option usually can
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
3,986,258
Candace has a great answer
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
11,533
How are options advantageous for real estate buyers?
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
1,712,676
4,800,082
1,466,207
Jesus Henao A first right of refusal allows a tenant to have the first right to purchase a property should the landlord decide to sell during the lease period.
An option allows a potential buyer to lock in a piece of property for a specified period of time where at that time they can purchase the property. An option has to have option funds otherwise it is not an option. Should the potential buyer choose not to exercise the option, the funds will default to the owner.
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Candice A. Donofrio
Fort Mohave, AZ
716,049
An option is just that. First right, goes a step beyond, it's an obligation with a priority, it needs to be turned down first.
In the end, it's all about how the deal is 'written'.
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Candice A. Donofrio
Fort Mohave, AZ
2,241,576
Lots of confusion about that right of refusal... more than just do you want to buy or not and moving on. If it is drawn up right to need a legal sign off to show it was exercised correctly. Run into them in divorces a lot on the family lake place sale, the splitting up assets when the marital knot gets untied.
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Candice A. Donofrio
Fort Mohave, AZ
4,272,548
I have always had to pay for a first right of way but not for an option
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Debe Maxwell, CRS
Charlotte, NC
3,345,091
900,128
First right of refusal is an example of an option; there can be many different ones.
117,135
4,434,127
1,622,432