A Virginia Right of First Refusal Agreement is a legal document that grants a specific individual or entity the right to have the first opportunity to purchase a property before it is sold or transferred to a third party. This agreement is commonly used in various real estate transactions and can be beneficial for both the property owner and the party with the right of first refusal. The Virginia Right of First Refusal Agreement ensures that the party with the right is given prior notice and an opportunity to match any bona fide offer or price on the property within a specified timeframe. This gives them the chance to step in and purchase the property on the same terms as the proposed sale to the third party. This type of agreement can offer protection to the party with the right of first refusal, as it allows them to maintain certain rights and interests in the property. It also gives them the opportunity to retain or gain ownership of a property that they may have a vested interest in or see as a potential investment opportunity. In Virginia, there are different types of Right of First Refusal Agreements that can apply to various situations. Some common types include: 1. Residential Property Right of First Refusal Agreement: This agreement is typically used in residential real estate transactions, such as single-family homes, townhouses, or condominiums. It grants the party with the right the opportunity to purchase the property if the current owner decides to sell. 2. Commercial Property Right of First Refusal Agreement: This agreement applies to commercial properties, including office buildings, retail spaces, or industrial properties. It allows the party with the right to match any offer made by a potential buyer and purchase the property before it is sold to someone else. 3. Agricultural Property Right of First Refusal Agreement: This type of agreement is specific to agricultural properties, such as farms, ranches, or vineyards. It grants the party with the right the option to purchase the property if the owner intends to sell it, ensuring they have the opportunity to acquire the agricultural land they may require for their own purposes. Overall, a Virginia Right of First Refusal Agreement is a legal mechanism that can provide security and control over the sale or transfer of a property. It ensures that the party with the right has the first opportunity to purchase the property, protecting their interests and offering them the chance to acquire the property in question.
Virginia Right of First Refusal Agreement
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How to fill out Virginia Right Of First Refusal Agreement?
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For example, a commercial tenant may prefer to lease a location; however, he may buy the premises if it meant that he would be evicted if the property sold to a new owner. In such a case, the tenant would negotiate to have a right of first refusal clause incorporated into his lease.
A manufacturer or distributor shall not exercise or enforce a right of first refusal if (i) the proposed sale or transfer is to a dealer licensed in the United States as a dealer holding a franchise from any manufacturer or distributor licensed as a manufacturer or distributor in the Commonwealth unless the ...
Landlord hereby grants Tenant the on-going option to lease, upon the terms and conditions hereinafter set forth, any then vacant space adjacent to the Premises (the ?First Refusal Space?) during the First Refusal Period (as hereinafter defined).
Examples from Collins dictionaries A tenant may have a right of first refusal if a property is offered for sale.
Cancellation of a right of first refusal is called extinguishment. This can happen for two reasons: The right may be declined (the holder passes on the option to purchase) The holder may fail to exercise the right in the allotted time period.
The right of first refusal granted herein shall terminate (i)with respect to any particular First Refusal Space upon the failure by Tenant to exercise its right of first refusal with respect to the First Refusal Space so offered by Landlord pursuant to the terms of this Section1.
Right of first refusal in real estate is a clause that gives a potential buyer the first opportunity to purchase a piece of property. It's common with, but not limited to, renters looking to buy from their landlords and families prepping for estate inheritances.
Where the right of first refusal exists, a Landlord must, under the Act, first offer the premises to the Qualifying Tenants, before offering it on the open market, or for sale by auction. He must serve formal notices on the Qualifying Tenants. These notices are known as Section 5 Notices.