First Right Of Refusal For Contract
Description
How to fill out Right Of First Refusal Clause For Shareholders' Agreement?
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FAQ
The right of first refusal granted herein shall terminate (i)with respect to any particular First Refusal Space upon the failure by Tenant to exercise its right of first refusal with respect to the First Refusal Space so offered by Landlord pursuant to the terms of this Section1.
Right of first refusal (ROFR) is a real estate term that may be worth bookmarking if you're on the market as a buyer ? especially if there's a property you already have your eye on. Simply put, right of first refusal can help a buyer get priority over other potential buyers.
A ROFR is essentially an option to buy a property before it's sold to another buyer. The seller and the holder can choose to agree on a price and other terms in the ROFR or negotiate later. The option could end at a specific date in the future, and the owner doesn't have to sell if the terms aren't already established.
Seller hereby grants Purchaser a right of first refusal on the Property or any portion of the Property in ance with the terms below (?Right of First Refusal?).
Right of first refusal clauses are sometimes included to provide the opportunity for the home or unit to stay under the control of related parties. This clause may be used to give a relative or family member the right to buy a property from someone before they put it on the market and seek outside offers.
