First Right of Offer Sample with Contingency: A Detailed Description First Right of Offer sample with contingency refers to a contractual provision that grants a specific individual or party the first opportunity to purchase a property before it is offered to other potential buyers. This arrangement is typically used when there is uncertainty or a potential delay in the completion of a sale. A First Right of Offer sample with contingency is often included in real estate contracts to protect both the seller and the buyer. It ensures that the party with the first right has the option to purchase the property, while allowing the seller to proceed with alternative plans if the contingency is not met. There are different types of First Right of Offer samples with contingencies, including: 1. Contingency on Financing: This type of First Right of Offer sample allows the potential buyer to secure adequate financing within a specified period. If the buyer fails to obtain suitable financing, the contingency is not met, and the seller can proceed with other offers. 2. Contingency on Inspection: Here, the First Right of Offer sample allows the buyer to conduct a professional inspection of the property within a specific timeframe. If the inspection reveals significant issues or deficiencies, the buyer has the right to either negotiate repairs or terminate the agreement. 3. Contingency on Sale of Existing Property: In this scenario, the First Right of Offer sample is contingent upon the buyer successfully selling their current property within a predetermined time frame. If the buyer fails to sell their property within the agreed-upon period, the seller can entertain other offers. It is essential to carefully draft a First Right of Offer sample with contingency to ensure clarity and protection for all parties involved. The terms and conditions, including the timeframe, requirements, and steps to be taken, should be clearly outlined to avoid any misunderstandings or disputes. In conclusion, a First Right of Offer sample with contingency provides a safeguard for both buyers and sellers. It allows potential buyers to place an offer and secure the property, subject to specific conditions being met. By including contingencies such as financing, inspection, or sale of an existing property, parties can protect their interests and effectively navigate uncertain aspects of a real estate transaction.