04 Dec Can you have priority when buying a property? Discover the rights of first refusal and withdrawal
The rights of first refusal (tanteo) and withdrawal (retracto) are key concepts in the real estate sector, especially in property purchase and sale processes. These rights allow certain individuals to intervene in a real estate transaction either before or after it takes place, in order to protect their interests. At Barcelona Flat Hunter, we explain what these rights are, how they are exercised, their differences, and their expiration, providing a clear overview of their relevance.
The right of first refusal allows a person to purchase a property before it is sold to a third party, provided they match the conditions of the offer made. This right applies in specific situations, such as for tenants or co-owners of a property. For example, if a tenant lives in a property and the owner decides to sell it, the tenant has the option to buy it under the same conditions offered to a third party.
There are two main types of first refusal rights:
- Legal first refusal, established by law in certain cases (e.g., tenants).
- Conventional first refusal, which arises from an agreement between the involved parties and is regulated through private contracts.
On the other hand, the right of withdrawal allows a person with preferential rights over a property to acquire it after it has been sold to a third party, by reimbursing the sale price and associated expenses. This is a corrective right, exercised after the sale. Like the right of first refusal, it can be:
- Legal, such as in the case of co-owners or tenants.
- Conventional, if agreed upon by the parties.
The main difference between the two rights lies in when they are exercised:
- First refusal is applied before the sale is finalized.
- Withdrawal is exercised after the sale has taken place.
In both cases, it’s essential to comply with the deadlines established by law, as these rights expire if not exercised within the stipulated time.
For those involved in situations where these rights apply, having proper legal advice is crucial. A real estate agency like Barcelona Flat Hunter can provide the necessary guidance to ensure the process is carried out correctly—whether to exercise these rights or to make a secure purchase in accordance with current regulations.
Understanding the rights of first refusal and withdrawal can make a significant difference in a real estate transaction, protecting the interests of those with a pre-existing relationship to the property.
