The Phoenix Arizona Right of First Refusal to Purchase Real Estate is a legal provision that grants a specific individual or entity the first opportunity to purchase a property before the owner sells it to a third party. This right is commonly included in real estate contracts or lease agreements to protect the interests of a particular party. In Phoenix, Arizona, there are two main types of Right of First Refusal to Purchase Real Estate: 1. Contractual Right of First Refusal: This type of right is typically established through a written agreement between the property owner and the interested party. It allows the interested party to match any offer that the owner receives from a third party and purchase the property on the same terms. The contractual right of first refusal creates a legally binding obligation for the property owner to approach the interested party before considering other offers. 2. Statutory Right of First Refusal: In some cases, the right of first refusal is mandated by law in specific situations. For instance, in certain affordable housing programs or government-funded developments, a statutory right of first refusal may be required, ensuring that the property remains accessible to the intended beneficiaries. This type of right is enforceable by law and can limit the options of the property owner when selling the property. The Phoenix Arizona Right of First Refusal to Purchase Real Estate serves as a protective measure for parties interested in a particular property, allowing them the chance to match or exceed any competing offers and secure the property for themselves. This provision can help prevent the property from being sold to another party, ensuring fair and equitable access to potential buyers. Keywords: Phoenix Arizona, Right of First Refusal, Purchase Real Estate, contractual right of first refusal, statutory right of first refusal, property owner, written agreement, real estate contracts, lease agreements, protect interests, affordable housing programs, government-funded developments, competing offers, parties interested in property, enforceable by law, fair and equitable access.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.