The New Hampshire Right of First Refusal Clause is a legal provision that grants certain individuals or entities the opportunity to purchase a property before it is sold to a third party, under the same terms and conditions. This clause provides an added layer of protection for specific individuals who may have a pre-existing relationship or vested interest in the property. In New Hampshire, there are different types of Right of First Refusal Clauses that vary based on the nature of the property and the parties involved. These types include: 1. Residential Right of First Refusal: This type of clause commonly applies to residential properties such as single-family homes, apartments, or condominiums. It grants a particular group of individuals, such as tenants or neighboring property owners, the first opportunity to purchase the property if the owner decides to sell. 2. Commercial Right of First Refusal: A commercial Right of First Refusal Clause typically pertains to commercial properties including office buildings, retail spaces, or industrial properties. It may entitle existing tenants or business associates to purchase the property before it is offered to the public. 3. Agricultural Right of First Refusal: New Hampshire also recognizes an Agricultural Right of First Refusal Clause for properties related to agricultural use. This clause provides farmers, agricultural cooperatives, or organizations involved in agricultural preservation the chance to purchase a farm or agricultural land if the current owner decides to sell. 4. Non-profit Right of First Refusal: Some properties in New Hampshire may have a Non-profit Right of First Refusal Clause. This grants non-profit organizations or community groups the priority in purchasing a property if it aligns with their mission or objectives. The New Hampshire Right of First Refusal Clause serves to protect the rights and interests of specific individuals or groups tied to a property. It ensures that they have an initial opportunity to acquire the property, often preserving their established connections or promoting community involvement. It is crucial to consult a qualified attorney to understand the specific regulations and requirements surrounding the Right of First Refusal Clause in New Hampshire.
New Hampshire Right of First Refusal Clause
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How to fill out New Hampshire Right Of First Refusal Clause?
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FAQ
In the context of a corporation, an ROFR is a contractual obligation of a shareholder to offer to sell its shares to the other holders (or sometimes back to the corporation) after receiving a bona fide offer to purchase from a third party.
Simply put: A ROFR provides the non-selling shareholders with a right to either accept or refuse an offer from a selling shareholder after the selling shareholder has received a third party offer for its shares.
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.
The Cons: For buyers, the ROFR can last only for a limited time in which they have to act. If the buyer with the right is unable to put an offer or negotiate with the seller within the time frame, they will lose this right and the seller would have the right to accept offers from other potential 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.
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.
There are some drawbacks for buyers as well: Limited decision window. The typical ROFR agreement has a time limit, so when the seller decides to put their property up for sale, and it's something you want, there isn't much time before you to decide and you don't know when another opportunity will come along.
If someone has first refusal on something that is being sold or offered, they have the right to decide whether or not to buy it or take it before it is offered to anyone else. The agreement gives the two co-chairmen first refusal on each other's shares.