Boone Reed
01/17/2024 · High School
b) False ANSWER SECTION B ( 70 Marks) QUESTION 2 ( 6 Marks) What do you understand under the terms "option to purchase" and "right of first refusal"? Explain the differences between the two terms.
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An option to purchase gives a buyer the right to buy a property at a set price within a time frame, while a right of first refusal allows a buyer to match any offer on a property they have the first chance to buy. The main difference is that the option to purchase obligates the buyer to buy if they choose to, whereas the right of first refusal does not.
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