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CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10238
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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What is the time limit in Georgia of right of first

Customer Question

what is the time limit in Georgia for holders of right of first refusal in time allotted to respond to a timely offer?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 1 year ago.
Unfortunately, there is no specific statutory length of time for a right of first refusal to be exercised. (The best way to draft these contracts is to ensure that the right is accompanied by a clear time frame in the contract itself), see this link for a discussion of this specific issue: http://www.firstam.com/title/resources/reference-information/jack-murray-law-library/options-and-related-rights-with-respect-to-real-estate.html.Absent a contractual term, you will be left disputing whether or not the party holding the right is failing to exercise it in a way that 'prejudices' the other party or if they are doing so 'in bad faith.' Again, these are not based on a specific time frame, but based on all of the facts and circumstances surrounding the transaction at issue.If you find yourself in a "right of first refusal" dispute with no clear time frame to exercise it, and you cannot reach a resolution through direct negotiations, my best advice is to engage a mediator to help you break through the impasse. A third party neutral with experience in real property law is usually the best way to help you reach a "mutually agreeable resolution" and reduce the time and expense associated with litigation for both parties. (You can contact your local bar association for referrals to local mediators).

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