Colorado Right of First Refusal Agreement
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How to fill out Right Of First Refusal Agreement?
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FAQ
Right of first refusal (ROFR) is a real estate term that may be worth bookmarking if you're on the market as a buyer ? especially if there's a property you already have your eye on. Simply put, right of first refusal can help a buyer get priority over other potential buyers.
The act creates a right of first refusal of a local government to match an acceptable offer for the sale of a multifamily residential or mixed-use rental property consisting of 15 or more units in an urban county or 5 or more units in a rural or rural resort county (property).
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.
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.