This is a form addressing Preferential Right to Purchase Interest Assigned. In the event assignee receives a bona fide offer from a third party to purchase all or a part of the interest assigned to assignee in this assignment, and assignee desires to accept the offer,assignee shall notify assignor in writing of the existence of the third party offer.
Maryland Preferential Right to Purchase Interest Assigned, also known as the Maryland Right of First Refusal, is a legal provision that grants certain parties the privilege to purchase a property or an interest in a property before it can be sold to a third party. This right is often given to tenants, co-owners, or specific individuals or entities based on their relationship with the property. In Maryland, the law allows for different types of Preferential Right to Purchase Interest Assigned, each catering to specific situations and relationships: 1. Tenant's Right of First Refusal: This type of preferential right is commonly granted to tenants residing in rental properties, such as apartments or commercial spaces. It gives them the first opportunity to purchase the property if the owner decides to sell. By having this right, tenants are provided with a sense of security and the chance to become property owners. 2. Co-Owners Right of First Refusal: In cases where multiple individuals own a property together, such as joint tenants or tenants in common, the preferential right may be established to ensure that each co-owner has the first option to purchase another owner's interest. This helps maintain the existing ownership structure and avoids potential conflicts by providing an orderly process for co-owners to acquire each other's shares. 3. Non-Tenant Right of First Refusal: This category encompasses various scenarios wherein a non-tenant party, often with a specific connection to the property, is granted the right to purchase an interest in the property. It could include adjacent property owners, family members, or business partners who hold a particular interest in the continued use or development of the property. The Maryland Preferential Right to Purchase Interest Assigned functions by requiring the property owner to give notice to the party with the preferential right before entering into a binding sales agreement with a third party. This notice typically specifies the terms and conditions of the proposed sale, allowing the party with the preferential right to decide whether to match or exceed the offered price and other relevant terms within a specified timeframe. If the party with the Preferential Right to Purchase Interest Assigned exercises their right and meets the specified terms, they can proceed with purchasing the property or the assigned interest. However, if they decide not to exercise their right or fail to meet the specified terms, the property owner is then free to proceed with selling to a third party. The Maryland Preferential Right to Purchase Interest Assigned is a significant legal provision that promotes fairness, protects certain relationships, and allows eligible parties to maintain a stake or acquire ownership of a property. Understanding the different types of preferential rights and the procedures involved is essential for all parties involved in property transactions in Maryland.
