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RIGHT OF FIRST REFUSAL TO PURCHASE STANDARD LEASE ADDENDUM Dated By and Between (Lessor) (Lessee) Address of Premises: Paragraph (a) Lessor shall not, at any time prior to the expiration of the term.

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Related content

Rights of First Refusal - SEC
... Grantor has agreed to grant to Grantee a right of first refusal and a purchase option...
Learn more
12 U.S. Code § 2219a - Right of first refusal |...
(b) Application of right of first refusal to sale of property. (1) Election to ... to...
Learn more
Right of first refusal - zxc.wiki
Jul 23, 2020 — The right of first refusal is the right to enter into a sales contract...
Learn more

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What is an Option to Purchase (OTP)? It is a common step for the seller and buyer to enter into a contract for the sale and purchase of a property. An OTP is issued by the seller to the buyer, granting the buyer the option to purchase the property at an agreed price.

In real estate, the right of first refusal is a clause in a contract that gives a prioritized, interested party the right to make the first offer on a house before the owner can negotiate with other prospective buyers.

Contrary to an option to purchase, a right of first refusal means a tenant has the option to purchase the property after the seller makes an offer to an outside party. Once the seller begins negotiations with another party, the buyer can choose to purchase on those same terms or decline.

A right of first refusal is a fairly common clause in some business contracts that essentially gives a party the first crack at making an offer in a particular transaction. In real estate terms, the phrase “right of first refusal” operates similarly.

If someone has first refusal on something that is being sold or offered, they have the right to decide whether or not to buy it or take it before it is offered to anyone else. The agreement gives the two co-chairmen first refusal on each other's shares.

By choosing a right of first refusal versus an option, the owner of the property has more control over the sale of their property, whereas with an option the holder can force the sale at will. With a Right of First Refusal, the holder must wait until the owner decides to sell the property.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232