Texas Right of First Refusal Clause

State:
Multi-State
Control #:
US-CC-18-360B
Format:
Word; 
Rich Text
Instant download

Description

This sample form, a detailed Right of First Refusal document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.
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FAQ

In a case of first impression in California, the California Court of Appeal in Smyth v. Berman held that in the absence of specific language to the contrary, a right of first refusal (ROFR) contained in a written lease expires when the tenant becomes a ?holdover? tenant.

Seller ROFR Cons May take a loss: You may lose money if the price point in the contract is lower than the property's current market value. Potential lender issues: Right of first refusal can cause issues if you're considering refinancing.

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.

ROFR is a contractual obligation that binds both a prospective real estate buyer ? for example, a potential homeowner looking for an apartment, condo or single-family residence ? and a seller.

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.

Because the ROFR is a contractual right, the penalties for violating the terms are based on contract law. If not given the right to refuse, the harmed party may sue for money damages or specific damages, but typically not both. Specific performance means the party is ordered to perform under the contract.

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Texas Right of First Refusal Clause