Preferential Right to Purchase Interest Assigned
About this form
The Preferential Right to Purchase Interest Assigned form outlines the rights and responsibilities of both assignor and assignee when an assignee receives a third-party purchase offer. This form ensures that the assignor has the first opportunity to buy the assigned interest under the same terms offered by the third party. It is essential for maintaining transparency and clarity in any assignment agreements, allowing both parties to manage their interests effectively.
Key parts of this document
- Notification requirements for the assignee upon receiving a third-party offer.
- Time period for the assignor to respond to the offer.
- Consequences for the assignor's failure to act within the specified period.
- Procedure for completing the transaction if the assignor chooses to purchase the interest.
- Reinstatement of preferential rights for future third-party offers if the sale does not go through.
When this form is needed
This form should be used when an assignee of an interest in a property or business receives a bona fide offer from a third party to purchase that interest. It is particularly useful in situations where both parties have agreed that the assignor retains a preferential right to purchase the interest, ensuring that the assignor has the opportunity to match any legitimate offer before the assignee can proceed with a sale to a third party.
Who needs this form
- Assignors who want to safeguard their right to purchase interests assigned to others.
- Assignees who need to comply with legal obligations regarding third-party offers.
- Individuals or entities involved in contracts where purchasing rights are pertinent.
Completing this form step by step
- Identify the assignee and assignor with their respective details.
- Specify the terms of the interest being assigned and what it includes.
- Enter the number of days the assignor has to respond to the third-party offer.
- Include any conditions related to the completion of the purchase if the assignor chooses to buy.
- Ensure both parties sign and date the form to make it legally binding.
Does this document require notarization?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
Get your form ready online
Our built-in tools help you complete, sign, share, and store your documents in one place.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to notify the assignor in writing when a third-party offer is received.
- Missing the specified timeframe for the assignor to respond to the offer.
- Not completing the transaction details if the assignor opts to purchase the interest.
Why use this form online
- Convenience of downloading and filling out the form at your own pace.
- Editable fields allow for customization to fit the specific situation.
- Access to attorney-drafted templates ensures legal reliability and compliance.
