Contract Sale Used With First Right Of Refusal
Description
How to fill out Option And Contract Of Sale Agreement (On Lands To Be Used For Gas Storage)?
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FAQ
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 on a particular transaction. In real estate terms, the phrase right of first refusal operates similarly.
A right of first refusal ("ROFR") is a contractual entitlement of a party to enter into a business transaction with the counterparty (to a contract) which such counterparty is desirous of executing with a third party.
What Triggers Right of First Refusal? Right of first refusal in real estate is triggered when a homeowner decides to sell their property. If he or she has entered into a contractual agreement that requires them to give someone else the right to purchase the house first, right of first refusal is triggered immediately.
Rights of first refusal clauses are similar to options contracts as the holder has the right, but not the obligation, to enter into a transaction that generally involves an asset. The person with this right has the opportunity to establish a contract or an agreement on an asset before others can.
To be enforceable, options and rights of first refusal must usually be in writing, signed, contain an adequate description of the property, and be supported by consideration. They may be included in lease contracts, or they may be drafted as standalone agreements.