The District of Columbia Right of First Refusal Clause, also known as the ROAR Clause, is a legal provision that grants specific rights to certain individuals or entities in real estate transactions within the District of Columbia. This clause is commonly used in contracts pertaining to the sale or lease of property and serves to protect the interests of parties involved by giving them the opportunity to match competing offers or terms before another party can enter into a transaction. Under this clause, if a property owner receives an offer to sell or lease their property from a third party, they must provide written notice to the individuals or entities with the Right of First Refusal before accepting the offer. This notice would typically outline the key terms of the competing offer, including the price, terms, and conditions. The individuals or entities with the Right of First Refusal then have a specified time frame within which to respond and decide if they want to exercise their right to match the offer or negotiate alternative terms. The District of Columbia Right of First Refusal Clause can vary depending on the specific contract and parties involved. However, there are several types of ROAR Clauses commonly identified in District of Columbia real estate transactions: 1. Standard Right of First Refusal Clause: This is the most basic form of the clause and grants the preferential right to match offers or terms, allowing the parties to decide whether to proceed with the transaction. 2. Right of First Refusal with Triggering Event: This clause stipulates that the right of first refusal is only triggered when a specific event occurs, such as the property being listed for sale or lease or the owner receiving a bona fide offer from a third party. 3. Right of First Refusal with Specific Terms: In this type of clause, the right of first refusal may come with specific terms such as a requirement to match the competing offer in its entirety or to provide a deposit along with the exercise of the right. 4. Right of First Negotiation: This variation of the clause grants the beneficiaries the right to negotiate directly with the property owner before any offer from a third party is accepted. This allows the parties to potentially avoid the need for matching a competing offer by reaching mutually agreeable terms through negotiation. It is important for parties involved in real estate transactions in the District of Columbia to familiarize themselves with the specific terms and conditions of the Right of First Refusal Clause, as each contract may have its own unique variations and implications. Seeking legal advice from a real estate attorney knowledgeable in District of Columbia law is advisable to ensure full understanding and protection of rights under this clause.
District of Columbia Right of First Refusal Clause
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The right of first refusal (Section 2.1) provides that where a shareholder proposes to transfer shares of the Company, the Company shall have a right of first refusal to purchase all or any portion of such shares that such shareholder may propose to transfer at the same price and on the same terms and conditions as ...
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.
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.
It's a clause that both player and the board agree before signing in the contract. Basically, if 2 clubs want to make a transfer, they have to negotiate the value of player. This clause set a fix price that allow other club talk with the player if they willing to pay it.
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.
Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, ing to specified terms, before the owner is entitled to enter into that transaction with a third party.
RIGHT OF FIRST REFUSAL This means you must give your tenant the first opportunity to enter into a new tenancy agreement in respect of the rental unit before offering the unit to another prospective tenant. Failure to do so will result in a requirement to pay the tenant additional compensation.
In the limited liability company (LLC) context, a right of first refusal (ROFR) gives the holder of the right the option to purchase a fellow member's interest after the divesting member has first received an initial bona fide offer from a third party.