This is a "Right of First Refusal and Co-Sale Agreement." It is entered into by the corporation and the purchasers of preferred stock. It gives the company and the purchasers of preferred stock certain rights of refusal and options upon the transfer of stock.
North Carolina Right of First Refusal and Co-Sale Agreement
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US-TC0211A
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FAQ
In some cases, a right of first refusal may give the holder the right to purchase the property at a specified ?bargain? price. Such provisions may be held unenforceable, especially if it is apparent that the specified price is significantly less than fair market value.
The first right of refusal contingency allows the seller to continue to market the property and seek other offers while the buyer tries to satisfy the contingency to sell their own home.
The Bottom Line: ROFRs Give Peace Of Mind, But At A Price However, as much as an ROFR can prove a helpful incentive for enticing prospective buyers and upgrading rental tenants into property owners, it's not a 100% guarantee that a sale will occur and can often cause unintended consequences.
In real estate, right of first refusal is a provision written into a lease or other agreement. It gives a potentially interested party?say, you?the right to buy a property before the seller negotiates any other offers.
A contingent offer is when a buyer makes an offer on a home contingent upon selling their existing home. By accepting a contingent offer for a particular period, the seller is granting the buyer the first right of refusal.
For example, a commercial tenant may prefer to lease a location; however, he may buy the premises if it meant that he would be evicted if the property sold to a new owner. In such a case, the tenant would negotiate to have a right of first refusal clause incorporated into his lease.
Right of first refusal and co-sale agreement or ROFR for short, involves an agreement or clause that mandates a party provides notice before a transaction. Additionally, this agreement requires that an option is provided for the other party to refuse this transaction.
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.