Kings New York Unaffiliated Seller's Agreement

Name: Kings New York Unaffiliated Seller's Agreement
Brand: US Legal Forms
Rating: 4.8 (467 reviews)

Category:

Corporations - Public - Sales

State:

Multi-State

County:

Kings

Control #:

US-EG-9060

Format:

Instant download

Description

Unaffiliated Seller's Agr. btwn Prudential Securities Secured Financing Corp., ABFS 1999-4, and American Bus. Credit, et al. dated Dec. 1, 1999. 45 pages

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FAQ

For example, a commercial tenant may prefer to lease a location; however, he may buy the premises if it meant that he would be evicted if the property sold to a new owner. In such a case, the tenant would negotiate to have a right of first refusal clause incorporated into his lease.

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.

Phrase. If someone has first refusal on something that is being sold or offered, they have the right to decide whether or not to buy it or take it before it is offered to anyone else. A tenant may have a right of first refusal if a property is offered for sale.

Yes: Backing out of a home sale can have costly consequences. And legally speaking, it can be very difficult to do once a contract has been signed. The language of real estate contracts is typically written to protect home buyers.

In a buyer's market, when homes are plentiful and prices are low, right-of-first-refusal agreements can directly benefit sellers. Since this agreement is drafted before the home hits the market, the homeowner might be able to persuade the original interested party to pay more than the home's current value.

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.

To be enforceable, options and rights of first refusal must usually be in writing, signed, contain an adequate description of the property, and be supported by consideration. They may be included in lease contracts, or they may be drafted as standalone agreements.

An option is a right that the owner of a real property (the optionor) gives to another person (the optionee) to buy certain property at a fixed price for a definitive duration. An option is an offer that binds the optionor to sell, but does not obligate the optionee to purchase.

An option- to-purchase agreement is an arrangement in which, for a fee, a tenant or investor acquires the right to purchase real property sometime in the future.

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Kings New York Unaffiliated Seller's Agreement

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What is the right of first refusal example?

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