District of Columbia Right of First Refusal to Purchase Real Estate

State:
Multi-State
Control #:
US-02510
Format:
Word; 
Rich Text
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Description

Purchaser desires to obtain a right of first refusal or first option to purchase certain real estate owned by seller and seller agrees to grant purchaser the exclusive and irrevocable right of first refusal and first option to purchase.

District of Columbia Right of First Refusal to Purchase Real Estate is a legal provision that grants certain individuals or entities the opportunity to purchase a property before it can be sold to a third party. This right is designed to protect the interests of specific individuals or groups, and it can apply to various real estate transactions in the District of Columbia. One type of District of Columbia Right of First Refusal to Purchase Real Estate pertains to affordable housing units. In these cases, the District of Columbia government may have the right to purchase the property first, allowing them to ensure that the unit remains affordable for low-income residents. This type of right is commonly referred to as the "District's Right of First Refusal" or "DOOR" for short. Another type of right of first refusal in the District of Columbia relates to tenants in certain housing cooperatives or condominiums. In these cases, if a unit owner decides to sell their property, the cooperative association or condominium association may have the right to purchase the unit first. This provision is often included in the governing documents of the cooperative or condominium, and it aims to maintain the integrity and stability of the community. The District of Columbia Right of First Refusal to Purchase Real Estate can also be applicable to commercial properties. For example, if a commercial property owner intends to sell their property, an existing tenant may have the right to purchase the property first. This right allows the tenant to potentially expand their business operations or maintain a stable presence in a favorable location. It is important to note that the specifics of the District of Columbia Right of First Refusal to Purchase Real Estate may vary depending on the circumstances and the applicable laws. The right is typically triggered when the property owner receives a bona fide offer from a third party, hence giving the holder of the right the opportunity to match the terms of that offer within a specified timeframe. Overall, the District of Columbia Right of First Refusal to Purchase Real Estate serves to protect the interests of designated individuals or entities, ensuring that they have the opportunity to acquire a property before it is sold to others. Whether it pertains to affordable housing, cooperative or condominium units, or commercial properties, this right plays an essential role in maintaining community cohesion and providing stability in real estate transactions.

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FAQ

If you are looking to obtain your first right of refusal in the District of Columbia, first assess your current lease or agreement for any existing clauses. Next, discuss with the property owner about adding this right, ensuring you clarify the processes involved. It's important to have a legal framework that outlines when and how you can exercise your right. Resources from USLegalForms offer valuable templates and guidance to make this process easier and legally sound.

Rights of first refusal in the District of Columbia are enforceable through properly executed written agreements. When both parties sign the document, it creates a binding contract. If the terms are violated, the holder can take legal action, such as seeking damages or specific performance. Having a clear and comprehensive agreement significantly increases enforceability.

Tenant Opportunity to Purchase Act (TOPA) Tenants have the opportunity to invoke their rights to purchase, exercise first right of refusal, receive offer of sale notices, receive notices of the transfer and the conversion of property to cooperatives or condominiums.

People often talk about giving or getting a Right of First Refusal ("ROFR") in real estate transactions. But what is a ROFR? A simple definition might be: If the owner of the property decides to sell the property, then the person holding the ROFR gets the opportunity to buy the property on the same terms first.

District law states that tenants in buildings up for sale must be offered the first opportunity to buy the building (DC Law 3-86, the Rental Housing Conversion and Sale Act of 1980,under which falls the Tenant Opportunity to Purchase Act (TOPA))/ The District encourages tenants to exercise this rightit stabilizes

Right of First Refusal. An option is a right to purchase property at a set price for a fixed period of time, whereas a right of first refusal is a right to purchase property only if it is offered for sale in the future.

Right of first refusal (ROFR), also known as first right of refusal, is a contractual right to enter into a business transaction with a person or company before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers.

Right of first refusal (ROFR), also known as first right of refusal, is a contractual right to enter into a business transaction with a person or company before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers.

The fundamental difference between an Option and a Right of First Refusal is that an Option to Buy can be exercised at any time during the option period by the buyer. With a Right of First Refusal, the right of the potential buyer to complete the transaction is triggered only if the seller wants to complete a sale.

D.C.'s rent control law was passed in 1985 and applies to owners of most large buildings that were built before 1976. In those buildings, annual rent increases are limited to 2% plus the prevailing rate of inflation. (Last year, that was 2.3%, so rent could go up 4.3% total.)

More info

As a tenant of a housing accommodation in the District of Columbia,Offer of Sale will expire, except as to the right of first refusal discussed below.17 pages As a tenant of a housing accommodation in the District of Columbia,Offer of Sale will expire, except as to the right of first refusal discussed below. Both Options and Rights of First Refusal must be in writing, signed, contain a legal description of the property, and have consideration to be ...Washington, DC's Tenant Opportunity to Purchase Act (TOPA) gives DC tenants the right of first refusal should the owner decide to sell the property. The law ... Limitation on right of first refusal and other restraints on alienation; recordableReal estate shall not be deemed a condominium within the meaning of.63 pages Limitation on right of first refusal and other restraints on alienation; recordableReal estate shall not be deemed a condominium within the meaning of. TOPA provides that the owner give tenants/occupants the opportunity to purchase the dwelling and a right of first refusal to match a ... United States District Court for the District of Columbia grantsplaintiff with a right of first refusal to purchase the property if ... The D.C Fiscal Policy Institute wrote that ?First Right Purchasethis is likely the first and only real estate project they will ... holder of such a right the first opportunity to purchase property fromfirst-refusal right on other District of Columbia jobs), aff'd, ... Upon receipt of the written offer of sale, the tenant shall have 30 days to provide a written statement of interest to purchase the property ... A tenancy from month to month, or from quarter to quarter, may be terminated by a 30 days notice in writing from the landlord to the tenant to quit, ...

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District of Columbia Right of First Refusal to Purchase Real Estate