Did you know there are rights that protect tenants in the event of the sale of leased commercial premises? These are the rights of first refusal and withdrawal. Although they may sound similar, they have key differences you should understand if you are an owner or tenant. In this article, we explain in detail what these rights consist of and when they can be exercised.
What are the Rights of First Refusal and Withdrawal?
Right of First Refusal
The right of first refusal allows the tenant to purchase commercial premises before it is sold to a third party. This means that if the owner decides to sell the premises, they must first notify the tenant, who will have the opportunity to buy it under the same conditions offered to other potential buyers.
Process of the Right of First Refusal:
- Notification The owner informs the tenant about the intention to sell the premises, detailing the price and conditions of the sale.
- Exercise Period: The tenant has 30 calendar days from the notification to exercise their right and buy the premises.
Right of Withdrawal
The right of withdrawal is activated when the sale has already been completed without giving the tenant the opportunity to exercise the right of first refusal. In this case, the tenant can claim the premises under the same conditions in which it was sold.
Process of the Right of Withdrawal:
- Sale without Notification: If the owner sells the premises without notifying the tenant, the tenant can exercise their right of withdrawal.
- Exercise Period: The tenant has 30 calendar days from the notification of the sale to claim the property and subrogate the position of the original buyer.
Key Differences Between First Refusal and Withdrawal
The main difference between these rights lies in the moment the tenant can exercise them:
- Right of First Refusal: It is exercised before the sale takes place.
- Right of Withdrawal: It is exercised after the sale has been made without prior notification.
Importance of Knowing These Rights
It is crucial that both owners and tenants know these rights when signing a lease agreement. Including a waiver clause for these rights in the contract can have significant legal implications. Be sure to consult a lawyer to avoid unpleasant surprises.
Conclusion
Understanding the difference between the right of first refusal and the right of withdrawal is essential to protect your interests as a tenant or owner. These rights provide a special way to acquire leased premises, ensuring that the tenant has a fair opportunity to buy the property.
At AMJ BL, we specialize in leasing commercial premises, offering solutions tailored to your needs. Contact us and discover how we can help you find the perfect space for your business!
SOURCES:
https://www.rodenasabogados.com/diferencias-entre-derecho-de-tanteo-y-retracto
