Mississippi Right of First Refusal to Purchase Real Estate is a legal concept that grants certain individuals or entities the first opportunity to purchase a property before it can be sold to a third party. This right ensures that the holder has the opportunity to buy the property on the same terms and conditions offered by a bona fide buyer. In Mississippi, there are typically two main types of Right of First Refusal to Purchase Real Estate: contractual and statutory. 1. Contractual Right of First Refusal: This type of right is established through a specific agreement or contract between the property owner (granter) and a designated party (grantee). The agreement outlines the conditions under which the grantee holds the right to purchase the property before the owner can sell it to someone else. The terms may include the timeframe within which the grantee must exercise their right, the purchase price, and any other relevant conditions. 2. Statutory Right of First Refusal: In some cases, Mississippi law may grant certain individuals or entities a statutory right of first refusal. These rights are typically provided by specific statutes or regulations that apply to certain types of properties, such as affordable housing units or properties owned by government entities. The statutes outline the conditions under which these rights can be exercised, often with the goal of ensuring fairness, transparency, and community interest in the property's disposition. It is important to note that the Mississippi Right of First Refusal to Purchase Real Estate does not guarantee the sale of the property to the holder of the right. Instead, it provides the holder with the option to match the terms of a genuine offer made by a third party and proceed with the purchase. The purpose of the Mississippi Right of First Refusal to Purchase Real Estate is to protect the interests of certain designated parties, such as tenants, neighboring property owners, or organizations with specific community-oriented missions. It allows these parties to have priority in acquiring the property they have a vested interest in, thus preventing the property from being sold to unrelated individuals or entities who may not have the same connection to or investment in the property. Overall, the Mississippi Right of First Refusal to Purchase Real Estate is an important legal mechanism that helps maintain stability, fairness, and community interest in property transactions. Whether established through a contractual agreement or provided by statutory regulations, this right provides designated parties with the opportunity to exercise their first refusal right and potentially acquire the property they desire.