The Virgin Islands Right of First Refusal Clause is a legal provision that gives a specific individual or entity the first opportunity to purchase or lease a property before it is offered to others. This clause is commonly included in real estate contracts, ensuring that the party with the right of first refusal has the chance to match any offer or terms presented by a third party. In the Virgin Islands, there are two main types of Right of First Refusal Clauses: 1. Standard Right of First Refusal Clause: This type of clause grants a specific party, usually a tenant or a neighboring property owner, the right to be notified when the property owner decides to sell or lease the property. The party with this right is then given a certain timeframe within which they can choose to exercise the right, matching the terms of the third party's offer. If they choose not to exercise the right, the property can be sold or leased to the third party freely. 2. Contingent Right of First Refusal Clause: This clause is similar to the standard clause, but it includes an additional condition that must be met before the right of first refusal can be exercised. This condition is typically triggered by a particular event, such as the property owner receiving an offer from a third party. Once this event occurs, the party with the right of first refusal has a specified timeframe to exercise their right, matching the third party's offer. If the party fails to meet the specified conditions, the property can be sold or leased to the third party. In the Virgin Islands, the Right of First Refusal Clause serves to protect the interests of certain individuals or entities who have a vested interest in a property, ensuring they have a fair opportunity to potentially acquire it before it goes on the open market. It provides a level of security and control over the property's future, giving the party with the right of first refusal the chance to make a competitive offer and negotiate favorable terms.
Virgin Islands Right of First Refusal Clause
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The right of first refusal (Section 2.1) provides that where a shareholder proposes to transfer shares of the Company, the Company shall have a right of first refusal to purchase all or any portion of such shares that such shareholder may propose to transfer at the same price and on the same terms and conditions as ...
A ROFR is essentially an option to buy a property before it's sold to another buyer. The seller and the holder can choose to agree on a price and other terms in the ROFR or negotiate later. The option could end at a specific date in the future, and the owner doesn't have to sell if the terms aren't already established.
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.
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.
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.
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.
A right of first refusal is often given as a harmless throwaway in the course of negotiating a deal. This is usually a serious mistake. A right of first refusal is a serious detriment to the value and marketability of property and often leads to litigation.
Is the right of first refusal a good idea? The right of first refusal can be a good idea in that it allows a potential buyer to have first dibs on a property, providing a sense of security and control. Sellers don't have to worry about listing the property and can save it for preferred buyers.