http://ablawg.ca/2008/06/24/challenging-purchasers%e2%80%99-ability-to-obtain-specific-performance-of-agreements-for-the-purchase-and-sale-of-land/ Thu, 17 May 2012 18:06:14 +0000 http://wordpress.org/?v=2.3.3 http://ablawg.ca/2008/06/24/challenging-purchasers%e2%80%99-ability-to-obtain-specific-performance-of-agreements-for-the-purchase-and-sale-of-land/#comment-1826 ABlawg.ca » Blog Archive » Rights of First Refusal and Options to Purchase: What’s the Difference? Mon, 30 Jun 2008 14:18:54 +0000 http://ablawg.ca/2008/06/24/challenging-purchasers%e2%80%99-ability-to-obtain-specific-performance-of-agreements-for-the-purchase-and-sale-of-land/#comment-1826 [...] In Alberta, a right of first refusal is a property interest in the land even before it has been triggered. It is a property interest because section 63(1) of the Law of Property Act, R.S.A. 2000, c. L-7, provides that it is an equitable interest in land. Making a right of first refusal to acquire an interest in land protects the holders of such rights in cases where the owner of the land breached their contractual promise and did not give the right holder the first opportunity to purchase but agreed to sell the land to a third party. A binding agreement to sell land to a third party used to give that third party a property right which would take priority over the mere contractual right of the holder of the right of first refusal. I say “used to” because the certainty has disappeared: see my post on “Challenging Purchasers’ Ability to Obtain Specific Performance of Agreements for the Purchase ....” [...] […] In Alberta, a right of first refusal is a property interest in the land even before it has been triggered. It is a property interest because section 63(1) of the Law of Property Act, R.S.A. 2000, c. L-7, provides that it is an equitable interest in land. Making a right of first refusal to acquire an interest in land protects the holders of such rights in cases where the owner of the land breached their contractual promise and did not give the right holder the first opportunity to purchase but agreed to sell the land to a third party. A binding agreement to sell land to a third party used to give that third party a property right which would take priority over the mere contractual right of the holder of the right of first refusal. I say “used to” because the certainty has disappeared: see my post on “Challenging Purchasers’ Ability to Obtain Specific Performance of Agreements for the Purchase ….” […]

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