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WHAT IS A RIGHT OF FIRST REFUSAL AND WHY IS IT IMPORTANT?

April 26, 2017refusal right

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WHAT IS A RIGHT OF FIRST REFUSAL AND WHY IS IT IMPORTANT?

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The right of first refusal is the right of a properly formed HOA to purchase the park over another individual seeking to purchase the park. The park owner is not required to provide a right of first refusal when they receive an unsolicited offer. If the park owner receives an unsolicited offer, there are some requirements the park owner must follow according to Chapter 723.