Closings glossary
Right of first refusal
The right to match an offer before a sale closes. In condominiums it is exercised or waived by the board, and the written waiver is delivered at closing.
What is a right of first refusal in a condo?
Quick Answer
The full definition
The right to match an offer before a sale closes. In condominiums it is exercised or waived by the board, and the written waiver is delivered at closing.
Also called: ROFR, Waiver of right of first refusal.
Where does right of first refusal come up in a New York City closing?
A Long Island City condo board issues its waiver of the right of first refusal three weeks after the board package, clearing the way to schedule.
What else should you read before closing?
In the glossary
- Offering planThe sponsor's filed disclosure document for a co-op or condominium, carrying its budget, share or common interest allocation, building rules and sp...
- Common chargesThe recurring charge a condominium levies on each unit for building operations and reserves. Real estate taxes are billed to the unit directly and ...
- Flip taxA transfer fee charged by a co-op or, less often, a condominium when a unit changes hands. It is a creature of the building's governing documents, ...
- CovenantA recorded promise or restriction that runs with the land and binds future owners. Restrictive covenants limit what the property may be used for or...
- Assessment (co-op or condo)A charge levied by a co-op or condominium board beyond ordinary maintenance or common charges, typically to pay for a capital project. It is disclo...
Questions this raises
Building types
- Standard condoA New York City condominium unit: real property conveyed by deed, recorded in ACRIS, with an undivided interest in the common elements.
- New-development condoA first sale from the sponsor of a newly built condominium, governed by an offering plan, often delivered on a temporary certificate of occupancy.
- Investor and pied-a-terre condo purchaseA condominium bought to rent out or to keep as a second home, where sublet policy, entity ownership and non-resident tax questions drive the struct...
- CondopA building split into two condominium units, one commercial and one residential, where the residential unit is owned by a cooperative corporation.
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