District of Columbia Right of First Refusal Clause

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-360B
• Format: Word; Rich Text

Description

This sample form, a detailed Right of First Refusal document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats. The District of Columbia Right of First Refusal Clause, also known as the ROAR Clause, is a legal provision that grants specific rights to certain individuals or entities in real estate transactions within the District of Columbia. This clause is commonly used in contracts pertaining to the sale or lease of property and serves to protect the interests of parties involved by giving them the opportunity to match competing offers or terms before another party can enter into a transaction. Under this clause, if a property owner receives an offer to sell or lease their property from a third party, they must provide written notice to the individuals or entities with the Right of First Refusal before accepting the offer. This notice would typically outline the key terms of the competing offer, including the price, terms, and conditions. The individuals or entities with the Right of First Refusal then have a specified time frame within which to respond and decide if they want to exercise their right to match the offer or negotiate alternative terms. The District of Columbia Right of First Refusal Clause can vary depending on the specific contract and parties involved. However, there are several types of ROAR Clauses commonly identified in District of Columbia real estate transactions: 1. Standard Right of First Refusal Clause: This is the most basic form of the clause and grants the preferential right to match offers or terms, allowing the parties to decide whether to proceed with the transaction. 2. Right of First Refusal with Triggering Event: This clause stipulates that the right of first refusal is only triggered when a specific event occurs, such as the property being listed for sale or lease or the owner receiving a bona fide offer from a third party. 3. Right of First Refusal with Specific Terms: In this type of clause, the right of first refusal may come with specific terms such as a requirement to match the competing offer in its entirety or to provide a deposit along with the exercise of the right. 4. Right of First Negotiation: This variation of the clause grants the beneficiaries the right to negotiate directly with the property owner before any offer from a third party is accepted. This allows the parties to potentially avoid the need for matching a competing offer by reaching mutually agreeable terms through negotiation. It is important for parties involved in real estate transactions in the District of Columbia to familiarize themselves with the specific terms and conditions of the Right of First Refusal Clause, as each contract may have its own unique variations and implications. Seeking legal advice from a real estate attorney knowledgeable in District of Columbia law is advisable to ensure full understanding and protection of rights under this clause.

The District of Columbia Right of First Refusal Clause, also known as the ROAR Clause, is a legal provision that grants specific rights to certain individuals or entities in real estate transactions within the District of Columbia. This clause is commonly used in contracts pertaining to the sale or lease of property and serves to protect the interests of parties involved by giving them the opportunity to match competing offers or terms before another party can enter into a transaction. Under this clause, if a property owner receives an offer to sell or lease their property from a third party, they must provide written notice to the individuals or entities with the Right of First Refusal before accepting the offer. This notice would typically outline the key terms of the competing offer, including the price, terms, and conditions. The individuals or entities with the Right of First Refusal then have a specified time frame within which to respond and decide if they want to exercise their right to match the offer or negotiate alternative terms. The District of Columbia Right of First Refusal Clause can vary depending on the specific contract and parties involved. However, there are several types of ROAR Clauses commonly identified in District of Columbia real estate transactions: 1. Standard Right of First Refusal Clause: This is the most basic form of the clause and grants the preferential right to match offers or terms, allowing the parties to decide whether to proceed with the transaction. 2. Right of First Refusal with Triggering Event: This clause stipulates that the right of first refusal is only triggered when a specific event occurs, such as the property being listed for sale or lease or the owner receiving a bona fide offer from a third party. 3. Right of First Refusal with Specific Terms: In this type of clause, the right of first refusal may come with specific terms such as a requirement to match the competing offer in its entirety or to provide a deposit along with the exercise of the right. 4. Right of First Negotiation: This variation of the clause grants the beneficiaries the right to negotiate directly with the property owner before any offer from a third party is accepted. This allows the parties to potentially avoid the need for matching a competing offer by reaching mutually agreeable terms through negotiation. It is important for parties involved in real estate transactions in the District of Columbia to familiarize themselves with the specific terms and conditions of the Right of First Refusal Clause, as each contract may have its own unique variations and implications. Seeking legal advice from a real estate attorney knowledgeable in District of Columbia law is advisable to ensure full understanding and protection of rights under this clause.