West Virginia Right of First Refusal Agreement
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How to fill out Right Of First Refusal Agreement?
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FAQ
A right of first refusal clause could apply to family members of the property owner. If an owner decides to sell a property, the ROFR stipulates that named relatives, like children or siblings, may have the first opportunity to buy the property and make an offer.
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.
Declaration of Consideration of Value (This is the monetary amount for which the property is sold. If the property is being transferred without monetary value, it must state in the declaration paragraph 'why' it is exempt from transfer tax.)
The rules may provide for the giving of preferential treatment in making leases to the persons from whom the properties or rights or interests in the property were acquired, or their heirs or assigns and shall also provide for granting a right of first refusal to abutting landowners at fair market value in the sale of ...
A right of first refusal is a contractual right giving its holder the option to transact with the other contracting party before others can. The ROFR assures the holder that they will not lose their rights to an asset if others express interest.
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. In real estate terms, the phrase ?right of first refusal? operates similarly.
Basically, an ROFR clause obligates a seller to contact the rights holder with an option to purchase the property before they can accept an alternate third-party offer on the piece of real property.
In action, the right of first refusal allows the holder of that right to either make an offer on a property before anyone else and without the competition of other bids or forgo that right and allow the property seller to seek out other offers.