The Right of First Refusal Clause is a contractual provision that grants one party the ability to have the first opportunity to accept or reject an offer before it is presented to any other third parties. This clause is especially useful when it comes to sales and leases of real estate, granting the owner of the property the right to consider any offers before they are presented to potential buyers or tenants. There are two types of Right of First Refusal Clauses: unilateral and bilateral. Unilateral Right of First Refusal Clauses only grant the right to one party while bilateral Right of First Refusal Clauses grant the right to both parties. This clause gives the owner of the property the right to determine if the offer is acceptable before it is submitted to a third party, allowing them to maintain control and autonomy over the process.
Right of First Refusal Clause
Description Right Of First Refusal Clause Sample
How to fill out What Is A First Right Of Refusal?
Preparing legal paperwork can be a real stress unless you have ready-to-use fillable templates. With the US Legal Forms online library of formal documentation, you can be confident in the blanks you find, as all of them correspond with federal and state laws and are verified by our experts. So if you need to prepare Right of First Refusal Clause, our service is the perfect place to download it.
Obtaining your Right of First Refusal Clause from our service is as simple as ABC. Previously registered users with a valid subscription need only log in and click the Download button once they locate the proper template. Afterwards, if they need to, users can get the same document from the My Forms tab of their profile. However, even if you are unfamiliar with our service, registering with a valid subscription will take only a few moments. Here’s a brief guide for you:
- Document compliance check. You should carefully examine the content of the form you want and check whether it satisfies your needs and complies with your state law regulations. Previewing your document and reviewing its general description will help you do just that.
- Alternative search (optional). If you find any inconsistencies, browse the library using the Search tab on the top of the page until you find an appropriate template, and click Buy Now once you see the one you want.
- Account creation and form purchase. Register for an account with US Legal Forms. After account verification, log in and choose your preferred subscription plan. Make a payment to continue (PayPal and credit card options are available).
- Template download and further usage. Select the file format for your Right of First Refusal Clause and click Download to save it on your device. Print it to fill out your papers manually, or take advantage of a multi-featured online editor to prepare an electronic version faster and more effectively.
Haven’t you tried US Legal Forms yet? Sign up for our service now to get any formal document quickly and easily any time you need to, and keep your paperwork in order!
First Right Of Refusal Clause Sample Form popularity
First Right Of Refusal Language Other Form Names
Right Of First Refusal Vs Right Of First Offer FAQ
Seller hereby grants Purchaser a right of first refusal on the Property or any portion of the Property in ance with the terms below (?Right of First Refusal?).
Right of First Refusal Example In order to make her client happy, Aaliyah approaches the owner of the rental property and asks for a right of first refusal. The property owner agrees that they will give Aaliyah's client first dibs on the home if they decide to sell.
A right of first refusal is a fairly common clause in some business contracts that essentially gives a party the first crack at making an offer in a particular transaction.
For example, let's say there's a business that is leasing a space on one floor of a commercial building. The owners anticipate needing to expand their office in the next year or two. They may have a right of first offer if space on another floor in the same building opens up.
First, a Right of First Refusal (?ROFR?) is a lease term that gives a tenant the right to purchase the real property in the event the landlord gets a third-party offer to purchase the real property.