Collin Texas Right of First Refusal Clause

• Category: Corporations - Public - Stock Options
• State: Multi-State
• County: Collin
• Control #: US-CC-18-360B
• Format: Word; Rich Text

Description

This sample form, a detailed Right of First Refusal document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats. The Collin Texas Right of First Refusal Clause is a legal provision that grants a specific party the opportunity to purchase a property before the seller can proceed with selling it to third parties. This clause is commonly used in real estate transactions to provide interested parties with a chance to acquire the property on the same terms presented by a potential third-party buyer. In Collin County, Texas, there are different types of Right of First Refusal Clauses that can be included in a contract: 1. Basic Right of First Refusal Clause: This grants a specific party the right to match the terms presented by a third-party offer before the seller can accept that offer. The party with the Right of First Refusal Clause has a predetermined period to respond and must act within that timeframe if they wish to purchase the property. 2. Right of First Offer Clause: Similar to the Right of First Refusal Clause, this clause gives a specific party the first opportunity to make an offer on the property if the seller decides to sell. However, unlike the basic clause, the seller is not obligated to accept the offer from the party with the clause. Instead, they can use it as a benchmark when considering other offers. 3. Right of First Negotiation Clause: This clause allows a specific party to enter into negotiations with the seller before the property is listed for sale. It is typically used when the potential buyer and seller have an existing relationship and want the opportunity to discuss terms and conditions before deciding to proceed with a sale. 4. Time-limited Right of First Refusal Clause: In this type of clause, the specific party with the right to purchase the property is given a specific timeframe within which they must exercise their right. If they fail to do so, the seller is free to accept offers from third parties without any obligations to the original party. Including a Collin Texas Right of First Refusal Clause in a contract provides an added layer of security for the interested party, as it ensures they have the opportunity to acquire the property if and when the seller decides to sell. However, it is crucial to consult a real estate attorney to fully understand the implications and specific requirements associated with this clause in Collin County, Texas.

The Collin Texas Right of First Refusal Clause is a legal provision that grants a specific party the opportunity to purchase a property before the seller can proceed with selling it to third parties. This clause is commonly used in real estate transactions to provide interested parties with a chance to acquire the property on the same terms presented by a potential third-party buyer. In Collin County, Texas, there are different types of Right of First Refusal Clauses that can be included in a contract: 1. Basic Right of First Refusal Clause: This grants a specific party the right to match the terms presented by a third-party offer before the seller can accept that offer. The party with the Right of First Refusal Clause has a predetermined period to respond and must act within that timeframe if they wish to purchase the property. 2. Right of First Offer Clause: Similar to the Right of First Refusal Clause, this clause gives a specific party the first opportunity to make an offer on the property if the seller decides to sell. However, unlike the basic clause, the seller is not obligated to accept the offer from the party with the clause. Instead, they can use it as a benchmark when considering other offers. 3. Right of First Negotiation Clause: This clause allows a specific party to enter into negotiations with the seller before the property is listed for sale. It is typically used when the potential buyer and seller have an existing relationship and want the opportunity to discuss terms and conditions before deciding to proceed with a sale. 4. Time-limited Right of First Refusal Clause: In this type of clause, the specific party with the right to purchase the property is given a specific timeframe within which they must exercise their right. If they fail to do so, the seller is free to accept offers from third parties without any obligations to the original party. Including a Collin Texas Right of First Refusal Clause in a contract provides an added layer of security for the interested party, as it ensures they have the opportunity to acquire the property if and when the seller decides to sell. However, it is crucial to consult a real estate attorney to fully understand the implications and specific requirements associated with this clause in Collin County, Texas.