Indiana Right of First Refusal Clause
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How to fill out Right Of First Refusal Clause?
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FAQ
Where the right of first refusal exists, a Landlord must, under the Act, first offer the premises to the Qualifying Tenants, before offering it on the open market, or for sale by auction. He must serve formal notices on the Qualifying Tenants. These notices are known as Section 5 Notices.
A ROFR is essentially an option to buy a property before it's sold to another buyer. The seller and the holder can choose to agree on a price and other terms in the ROFR or negotiate later. The option could end at a specific date in the future, and the owner doesn't have to sell if the terms aren't already established.
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.
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.
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.
An alternative to the ROFR is the right of first negotiation, also known as the right of first offer. This is more limited in that the holder of the right is not given the opportunity to accept the transaction on the same terms, but is simply given the right to make his own offer.
