This is a "Right of First Refusal and Co-Sale Agreement." It is entered into by the corporation and the purchasers of preferred stock. It gives the company and the purchasers of preferred stock certain rights of refusal and options upon the transfer of stock.
District of Columbia Right of First Refusal and Co-Sale Agreement
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Multi-State
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US-TC0211A
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How to fill out Right Of First Refusal And Co-Sale Agreement?
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FAQ
Basically, an ROFR clause obligates a seller to contact the rights holder with an option to purchase the property before they can accept an alternate third-party offer on the piece of real property.
A right of first refusal is a contractual right giving its holder the option to transact with the other contracting party before others can. The ROFR assures the holder that they will not lose their rights to an asset if others express interest.
When a multi-family rental property in DC is contracted for sale, TOPA allows tenants the right to refuse the sale and with the help of a third-party developer buy the building at the contracted sale price.
A right of first refusal is a clause used in contracts that allows one party the first opportunity to make an offer on a property. It is basically ?first dibs? in legal form.
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 some cases, a right of first refusal may give the holder the right to purchase the property at a specified ?bargain? price. Such provisions may be held unenforceable, especially if it is apparent that the specified price is significantly less than fair market value.
Real estate owners in Washington D.C. who want to sell their rental property while it is still occupied with tenants must follow the rules of TOPA. Under this law, owners of real estate must first offer this property for sale to the tenants currently residing in it.
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.