Pima Arizona Right of First Refusal to Purchase Real Estate

Name: Pima Arizona Right of First Refusal to Purchase Real Estate
Brand: US Legal Forms
Rating: 4.77 (240 reviews)

Category:

Real Estate - Contracts - First Refusal

State:

Multi-State

County:

Pima

Control #:

US-02510

Format:

Instant download

Description

Purchaser desires to obtain a right of first refusal or first option to purchase certain real estate owned by seller and seller agrees to grant purchaser the exclusive and irrevocable right of first refusal and first option to purchase.

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FAQ

A right of first refusal keeps the person holding it from losing an essential asset. Many commercial tenants prefer to lease premises, but they would buy to prevent eviction by a new owner. A right of first refusal gives tenants a chance to buy and stay at their location.

Once that is done the ROFR holder has the option of purchasing the property instead or waiving their ROFR and allowing another sale to go through. To get to closing, a title company has to have a signed Waiver of Right of First Refusal document in the file before funding can occur.

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 on a particular transaction. In real estate terms, the phrase right of first refusal operates similarly.

There's a time limit built into the typical ROFR agreement, so when the seller does decide to put the property up for sale, the potential buyer needs to be ready to make a quick decision and know whether they can line up the financing. They should be ready to enter into a purchase agreement within a matter of days.

The right of first refusal applies to sales as well as rentals. And with any sale or rental, the board has the opportunity to exercise its right of first refusal or to waive that right.

The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded.

The right of first refusal is usually triggered when a third party offers to buy or lease the property owner's asset. Before the property owner accepts this offer, the property holder (the person with the right of first refusal) must be allowed to buy or lease the asset under the same terms offered by the third party.

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.

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.

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.

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Pima Arizona Right of First Refusal to Purchase Real Estate

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