Alaska Waiver of Right of First Refusal (Sale)
Definition and meaning
The Alaska Waiver of Right of First Refusal (Sale) is a legal document that allows a property owner, known as the Grantor, to waive their right of first refusal. This right typically allows a person the opportunity to purchase a property before the owner sells it to another party. By signing this waiver, the Grantor relinquishes that opportunity for a specific transaction, often involving a mortgage or deed of trust, while retaining certain rights in a foreclosure situation.
How to complete a form
Completing the Alaska Waiver of Right of First Refusal (Sale) involves several straightforward steps:
- Enter the name of the Grantor and their address.
- Specify the consideration amount, which is the payment made in exchange for the waiver.
- Clearly describe the property involved in the waiver.
- Include the names of all parties involved in the transaction, ensuring all signatures are obtained.
- Complete the notarization process at the end of the document to validate the waiver.
Who should use this form
This form is ideal for property owners in Alaska who have a right of first refusal in place but wish to sell or mortgage their property without being bound by that right for a specific sale. It is commonly used by property owners dealing with lenders or other third parties where quick transactions are necessary and the complexity of holding onto the right of first refusal could delay the process.
Key components of the form
The Alaska Waiver of Right of First Refusal (Sale) includes several critical components:
- Grantor's Information: Details about the property owner waiving the right.
- Consideration: The monetary exchange for the waiver.
- Property Description: A clear and concise legal description of the property concerned.
- Retention of Rights: A statement that the Grantor retains some rights automatically in case of foreclosure or other enforcement actions.
- Notary Acknowledgment: Verification of signatures and identities by a notary public.
Form popularity
FAQ
The right of first refusal applies to sales as well as rentals. And with any sale or rental, the board has the opportunity to exercise its right of first refusal or to waive that right.The bylaws state that if the board does not exercise its rights within a certain period, it is deemed waived.
A right of first refusal, different from a right of first offer, gives the right holder the option to match an offer already received by the seller. A right of first offer is said to favor the seller, while a right of first refusal favors the buyer.
A person holding a right of first refusal has the option to accept a business offer before anyone else. This right covers most assets, including business transactions and real estate. For example, a business owner may have the first right to consider buying or selling a supplier's goods.
Depending on your needs, the cost of negotiating a right of first refusal for your transaction can vary signficantly. Hourly rates for corporate lawyers in the Priori network with experience negotiating ROFRs can vary from $150 per hour to $550 per hour.
The right of first refusal is usually triggered when a third party offers to buy or lease the property owner's asset. Before the property owner accepts this offer, the property holder (the person with the right of first refusal) must be allowed to buy or lease the asset under the same terms offered by the third party.
Every RFR should be drafted as either an agreement or a contract (in which the holder gives some consideration, or pays for, the right). It may bind the current owner alone or run with the land. In either case, I would advise having it recorded.
A right of first refusal agreement allows a buyer and seller to enter into an arrangement by which the potential buyer is given the first crack at a property when it goes up for sale.
A right of first refusal agreement allows a buyer and seller to enter into an arrangement by which the potential buyer is given the first crack at a property when it goes up for sale.
When a casting director issues a first refusal it means that a final casting decision has not been made; the casting director is requesting that the performer contact him/her before accepting a booking for another job on the same day(s), i.e., giving the original producer the first opportunity to book the person.