The Virginia Right of First Refusal Clause is a legal provision that grants a party the option to purchase a property before the owner sells it to a third party. This clause puts the holder in a privileged position by providing them with the first opportunity to buy the property at the same price and on the same terms offered by a third party. In Virginia, there are a few different types of Right of First Refusal Clauses that may be encountered: 1. Standard Right of First Refusal: This is the most common type of Right of First Refusal Clause. It grants a specific individual, group, or organization the opportunity to purchase the property if the owner decides to sell it. The holder has the right to match the price and terms offered by a third party and can exercise this right within a specified timeframe. 2. Right of First Offer: This type of clause differs slightly from the standard Right of First Refusal. Instead of providing an automatic opportunity to match an offer, it grants the holder the right to be the first party approached by the owner if and when they decide to sell the property. Once the holder receives the owner's offer to sell, they can either accept or decline it, but there is no obligation to match a competing offer. 3. Right of First Negotiation: This type of clause provides the holder with exclusive negotiating rights. Essentially, it gives the holder the first opportunity to engage in negotiations with the owner if they decide to sell. However, there is no obligation for the owner to accept the holder's offer or negotiate exclusively with them. These different types of Virginia Right of First Refusal Clauses serve to protect the interested party's potential investment in a property. By granting them priority in purchasing, these clauses aim to give the holder a fair opportunity to acquire the property, ensuring that they are not easily bypassed by third-party offers. It is essential for property owners, holders of the clause, and potential buyers to fully understand the specific terms and provisions laid out in these agreements before engaging in any transactions.
Virginia Right of First Refusal Clause
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How to fill out Virginia Right Of First Refusal Clause?
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Court of Appeal: writ granted; right of first refusal was fully enforceable and could not be dodged by ?uncertainty? or bad faith conduct. The Court of Appeal issued the writ and reversed the trial court's order. The court held that the language of the right of first refusal was not too ?uncertain? to enforce.
In real estate, the right of first refusal is a clause in a contract that gives a prioritized, interested party the right to make the first offer on a house before the owner can negotiate with other prospective buyers.
Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, ing to specified terms, before the owner is entitled to enter into that transaction with a third party.
It's a clause that both player and the board agree before signing in the contract. Basically, if 2 clubs want to make a transfer, they have to negotiate the value of player. This clause set a fix price that allow other club talk with the player if they willing to pay it.
A right of first refusal is a court order that does not allow one parent to place the child in the care of another person without first giving the other parent the first right to care for the child.
In the limited liability company (LLC) context, a right of first refusal (ROFR) gives the holder of the right the option to purchase a fellow member's interest after the divesting member has first received an initial bona fide offer from a third party.
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.
A manufacturer or distributor shall not exercise or enforce a right of first refusal if (i) the proposed sale or transfer is to a dealer licensed in the United States as a dealer holding a franchise from any manufacturer or distributor licensed as a manufacturer or distributor in the Commonwealth unless the ...