first right of refusal: Manhattan Real Estate Q&A: What is a Restrictive Covenant?
- 01/08/11 12:14 PM
Q: What is a Restrictive Covenant?
A: Manhattan housing is primarily made up of coop and condominiums. Both coops and condos in Manhattan have restrictive covenants.
The legal definition for a restrictive covenant: "A provision in a deed limiting the use of the property and prohibiting certain uses".
Most all condominiums in Manhattan have the restrictive covenant: First Right of Refusal.
Most coops in Manhattan have the restrictive covenant: Right to Refuse.
Many people confuse the two different covenants. First right of refusal means the condominium has the first right of refusal on an offer but they would have to buy the condominium … (6 comments)
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Q: What is a Restrictive Covenant?
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