Contra Costa California Right of First Refusal Agreement refers to a legal contract commonly used in real estate transactions within Contra Costa County, California. This agreement provides certain parties co-owner or adjacent property owner with the first opportunity to purchase a property before it is offered to the open market. This contractual provision ensures that the party granted this right has the option to purchase the property on the same terms and conditions proposed by a third-party buyer. The Right of First Refusal Agreement is designed to protect the interests of the party with this privilege and allows them to maintain or expand their property holdings. There are several types of Contra Costa California Right of First Refusal Agreements, each with unique variations and specifications. Some commonly known types include: 1. Residential Right of First Refusal Agreement: This type of agreement is typically used in residential real estate transactions. It grants co-owners or adjacent property owners the right to purchase a residential property first, should the current owner decide to sell. 2. Commercial Right of First Refusal Agreement: Specifically designed for commercial properties such as office spaces, retail buildings, or warehouses, this agreement ensures that adjacent property owners or co-owners have the option to buy the commercial property before it becomes available to the general market. 3. Agricultural Right of First Refusal Agreement: Aimed at preserving agricultural properties in Contra Costa County, this type of agreement gives adjacent farmers or co-owners the first chance to purchase agricultural land when the current owner plans to sell. 4. Land Right of First Refusal Agreement: This agreement pertains to undeveloped or vacant land. It allows adjacent or co-owners to exercise their right to purchase the land at the offered price before the owner seeks other potential buyers. The Contra Costa California Right of First Refusal Agreement acts as a safeguard for property owners when they decide to sell, ensuring that certain parties have the first opportunity to acquire the property. It is recommended to consult with a qualified attorney or real estate professional to draft and execute these agreements properly, as their terms, conditions, and legal implications may vary based on the specific circumstances and property type.
Contra Costa California Right of First Refusal Agreement
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FAQ
Before the seller goes under contract to sell the property to someone else they must make the offer to the ROFR holder. The ROFR holder then has to agree to the same terms as the offer and if they do not respond within X days of their receipt of the offer they are deemed to have waived their ROFR.
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.
What Is the Difference Between Right of First Offer and Right of First Refusal? A right of first offer gives the holder the right to submit the first bid on the potential sale of a property. A right of first refusal gives the holder the right to match or refuse to match an offer that has been made to a seller.
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.
ROFR is a contractual obligation that binds both a prospective real estate buyer for example, a potential homeowner looking for an apartment, condo, or single-family residence and real estate seller.
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.
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.
Duration: The ROFR may expire after a certain amount of time or after an event occurs, such as the expiration of a lease. After the specified time, the property owner may enter into a transaction without notifying the holder of the ROFR.
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.