A waiver of right of first refusal is a legal agreement in which a party opts to relinquish their contractual right to be the first offered or to match offers for certain assets or opportunities that become available. In real estate, for instance, this right allows tenants or adjacent property owners the initial opportunity to purchase a property before the seller offers it to the general public.
What is a waiver of right of first refusal?
It's a legal document in which a party relinquishes their preemptive right to purchase an asset.
Why would someone waive this right?
Reasons might include accessing immediate liquidity, simplifying transactions, or as part of strategic business decisions.
Is a waiver of right of first refusal legally binding?
Yes, once signed by all parties, it is a legally enforceable document.
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