This is a form addressing Preferential Right to Purchase Interest Assigned. In the event assignee receives a bona fide offer from a third party to purchase all or a part of the interest assigned to assignee in this assignment, and assignee desires to accept the offer,assignee shall notify assignor in writing of the existence of the third party offer.
Florida Preferential Right to Purchase Interest Assigned (PRA) is a legal provision that grants individuals or entities with certain rights when it comes to purchasing a property. This right is prevalent in the state of Florida and serves as a protective measure for property owners. Under PRA, individuals or entities with a vested interest in a property are given priority in purchasing the property if the owner decides to sell. This means that if the property owner receives an offer from a third party, the individual or entity with the PRA can exercise their right to match the offer and purchase the property instead. There are various types of PRA in Florida, each with its own specific conditions and requirements. Some commonly known types include: 1. Condominium PRA: This type of PRA is specifically for condominiums in Florida. Condominium associations, through their governing documents, often reserve the right to purchase a unit if the owner intends to sell. This gives the association the opportunity to maintain control over the community and ensure that potential buyers are suitable for the condominium's guidelines. 2. Agricultural PRA: Florida has a strong agricultural industry, and agricultural landowners may have PRA rights. This allows them to have the first option to purchase the property if the owner intends to sell it for non-agricultural purposes. It aims to support and protect the agricultural sector by preventing the conversion of agricultural land into non-agricultural developments. 3. Non-Profit PRA: Non-profit organizations, such as charitable foundations or community organizations, may have the right to purchase properties assigned to them. This allows them to acquire properties adjacent to their existing facilities, expand their operations, or prevent developments that might conflict with their mission. 4. Right of First Refusal PRA: This type of PRA is not limited to any particular property type and can be seen across various real estate transactions. It grants a specific individual or entity the first opportunity to purchase the property before any others. The party with this right must match or surpass the offer made by another potential buyer. Overall, the Florida Preferential Right to Purchase Interest Assigned is a legal provision that offers a level of protection to specific individuals or entities by granting them priority in purchasing properties. It ensures that property owners have an opportunity to maintain control over who acquires their property, safeguard the interests of certain industries or organizations, and promote overall stability and sustainability within the state of Florida's real estate market.Florida Preferential Right to Purchase Interest Assigned (PRA) is a legal provision that grants individuals or entities with certain rights when it comes to purchasing a property. This right is prevalent in the state of Florida and serves as a protective measure for property owners. Under PRA, individuals or entities with a vested interest in a property are given priority in purchasing the property if the owner decides to sell. This means that if the property owner receives an offer from a third party, the individual or entity with the PRA can exercise their right to match the offer and purchase the property instead. There are various types of PRA in Florida, each with its own specific conditions and requirements. Some commonly known types include: 1. Condominium PRA: This type of PRA is specifically for condominiums in Florida. Condominium associations, through their governing documents, often reserve the right to purchase a unit if the owner intends to sell. This gives the association the opportunity to maintain control over the community and ensure that potential buyers are suitable for the condominium's guidelines. 2. Agricultural PRA: Florida has a strong agricultural industry, and agricultural landowners may have PRA rights. This allows them to have the first option to purchase the property if the owner intends to sell it for non-agricultural purposes. It aims to support and protect the agricultural sector by preventing the conversion of agricultural land into non-agricultural developments. 3. Non-Profit PRA: Non-profit organizations, such as charitable foundations or community organizations, may have the right to purchase properties assigned to them. This allows them to acquire properties adjacent to their existing facilities, expand their operations, or prevent developments that might conflict with their mission. 4. Right of First Refusal PRA: This type of PRA is not limited to any particular property type and can be seen across various real estate transactions. It grants a specific individual or entity the first opportunity to purchase the property before any others. The party with this right must match or surpass the offer made by another potential buyer. Overall, the Florida Preferential Right to Purchase Interest Assigned is a legal provision that offers a level of protection to specific individuals or entities by granting them priority in purchasing properties. It ensures that property owners have an opportunity to maintain control over who acquires their property, safeguard the interests of certain industries or organizations, and promote overall stability and sustainability within the state of Florida's real estate market.
