Alaska Right of First Refusal Clause
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FAQ
All contracts must have valid consideration, meaning there is an exchange of something of value between each party. While one party is granted the ROFR, the other party must also receive something of value, such as an amount of money.
Before the seller goes under contract to sell the property to someone else they must make the offer to the ROFR holder. The ROFR holder then has to agree to the same terms as the offer and if they do not respond within X days of their receipt of the offer they are deemed to have waived their ROFR.
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.
Court of Appeal: writ granted; right of first refusal was fully enforceable and could not be dodged by ?uncertainty? or bad faith conduct. The Court of Appeal issued the writ and reversed the trial court's order. The court held that the language of the right of first refusal was not too ?uncertain? to enforce.
Is the right of first refusal a good idea? The right of first refusal can be a good idea in that it allows a potential buyer to have first dibs on a property, providing a sense of security and control. Sellers don't have to worry about listing the property and can save it for preferred buyers.
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.