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What is the time limit in Georgia of right of first

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what is the time limit...
what is the time limit in Georgia for holders of right of first refusal in time allotted to respond to a timely offer?
Submitted: 2 years ago.Category: Real Estate Law
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7/20/2015
Real Estate Lawyer: CalAttorney2, Lawyer replied 2 years ago
CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10,244
Experience: I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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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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