New Hampshire Right of First Refusal Agreement
Description
How to fill out Right Of First Refusal Agreement?
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FAQ
Reasons to Consider Using a Right of First Refusal It can make the sales process faster and help sellers save time and money, especially in real estate. It can help landlords attract tenants.
Cancellation of a right of first refusal is called extinguishment. This can happen for two reasons: The right may be declined (the holder passes on the option to purchase) The holder may fail to exercise the right in the allotted time period.
ROFR Pros And Cons For Sellers ProsConsThere's no need to list the property for sale.Adding a ROFR clause narrows the pool of potential buyers.It could sell for above market price.The property could sell below market value.1 more row ?
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.
Why Should You Avoid It? The right of first refusal is an unhelpful restriction for property owners since it limits their ability to negotiate with multiple buyers, who in turn could drive up prices due to a bidding war.
Seller ROFR Cons Potential lender issues: Right of first refusal can cause issues if you're considering refinancing. Potential burden: Since the buyer isn't obligated to purchase the house, you may have to start from scratch and spend time, money and energy to market the property.
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.