Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at lee@leeschroeder.com or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
While options and rights of first refusal are two very different concepts, people commonly confuse them and their very different uses.
Most real estate professionals in northwest and west central Ohio are familiar with purchase options, which are commonly referred to simply as “options.” Likewise, real estate professionals are usually at least aware of a tool called a “right of first refusal,” which is sometimes called a “first right of refusal.”
Although options and rights of first refusal are very different tools, they both allow people to acquire interests in real estate that fall short of full ownership. These tools give developers, entrepreneurs, farmers, investors and others a unique way to keep tabs on property without being required to immediately procure the money to purchase that property.
Read Lee’s full article on real estate law in the Lima News here: Legal-Ease: Options, rights of first refusal are distinct tools
Source: LimaOhio.com, Legal-Ease: Options, rights of first refusal are distinct tools by Lee R. Schroeder, March 14, 2014