The right of first refusal and withdrawal is a property right, set forth in Article 1521 of the Civil Code, which refers to the preferential acquisition of a property that a tenant has over the dwelling in which they reside, if the owner decides to put it up for sale or sell it.
What is the right of first refusal?
The right of first refusal stipulates that the owner of a leased premises or dwelling must notify the tenant that the property is being put up for sale in order to offer them preference, under the same price and conditions as other potential buyers, over its purchase. The tenant has 30 calendar days to exercise their right of first refusal.
What is the right of withdrawal?
When the owner does not comply with the right of first refusal and the property or premises is sold, the tenant has 30 calendar days to avail themselves of the right of withdrawal and thus annul the sale and purchase carried out. Furthermore, the tenant has preference to acquire the dwelling at the same price and under the same conditions that had been stipulated in the annulled purchase and sale.