The Massachusetts Right of First Refusal Clause is a legal provision that grants certain individuals or entities the first opportunity to purchase a property before it can be sold to someone else. This clause is often found in contracts or lease agreements and aims to protect the rights and interests of specific parties involved in a real estate transaction. In Massachusetts, there are primarily two types of Right of First Refusal (ROAR) clauses commonly used: general Right of First Refusal and Right of First Refusal for Agricultural Preservation Restrictions. 1. General Right of First Refusal: This type of clause typically applies to residential or commercial properties and allows a designated party, such as a tenant or neighboring property owner, to have the first right to purchase the property if the owner decides to sell. The designated party is given the option to match or exceed any bona fide, third-party purchase offer made for the property. This gives them the chance to secure the property by exercising their right of first refusal within a specific timeframe. 2. Right of First Refusal for Agricultural Preservation Restrictions: This specific type of ROAR clause is primarily applicable to agricultural or farmland properties in Massachusetts. It is designed to promote the preservation of agricultural land and provide farmers or agricultural organizations with an opportunity to acquire the land before it is sold to other parties. If a farmer who previously sold the land subjected it to an agricultural preservation restriction (APR), they might retain the right of first refusal when they decide to sell it again. This allows the farmer to maintain control over the land's use and ensure its ongoing agricultural productivity. The purpose of these clauses is to offer certain parties a fair chance to secure a property when it becomes available for sale, preventing potential loss of essential real estate and maintaining the intended land use. It provides an added layer of protection and ensures that those with vested interests have an opportunity to acquire the property before it is offered to the broader market. Keywords: Massachusetts Right of First Refusal Clause, ROAR, real estate, property, purchase, sell, residential, commercial, tenant, neighboring property owner, agricultural, farmland, agricultural preservation restriction, APR, land use, opportunity, protection, vested interests, market.
Massachusetts Right of First Refusal Clause
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How to fill out Massachusetts Right Of First Refusal Clause?
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The seller will keep the property on the market but accept a contingent offer, providing buyers with a 72-hour (negotiable) first-right-of-refusal notice to perform in the event seller receives a better offer. 2. The seller will take the property off the market and wait for the buyer to sell the buyer's existing home.
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.
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.
Landlord hereby grants Tenant the on-going option to lease, upon the terms and conditions hereinafter set forth, any then vacant space adjacent to the Premises (the ?First Refusal Space?) during the First Refusal Period (as hereinafter defined).
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.
A right of first refusal clause for inclusion in a commercial contract. The clause requires the grantor of the right to offer contract terms to the grantee before it can conclude a contract on the same terms with a third party.
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.
A right of first refusal is a fairly common clause in some business contracts that essentially gives a party the first crack at making an offer in a particular transaction.