This is a form addressing Preferential Right to Purchase Interest Assigned. In the event assignee receives a bona fide offer from a third party to purchase all or a part of the interest assigned to assignee in this assignment, and assignee desires to accept the offer,assignee shall notify assignor in writing of the existence of the third party offer.
Cook Illinois Preferential Right to Purchase Interest Assigned is a legal term that refers to a specific provision in the Cook County, Illinois real estate law. This provision grants certain rights and privileges to eligible parties regarding the purchase of assigned interests in real property within the county. The purpose of this provision is to ensure fair and equitable opportunities for interested parties to acquire property interests in Cook County. Under the Cook Illinois Preferential Right to Purchase Interest Assigned, eligible parties are given the first opportunity to purchase assigned interests in real property. This means that when an interest in a property, such as a leasehold interest or tenancy-in-common interest, is being transferred or assigned to a new owner, a party with the preferential right to purchase the interest is given the chance to acquire it before any other interested party. The Cook County law recognizes various types of Cook Illinois Preferential Right to Purchase Interest Assigned, including: 1. Leasehold Interests: If a leasehold interest in a property is being assigned to a new lessee, an eligible party with the preferential right to purchase this interest can exercise their right before the lessee's interest is transferred to someone else. 2. Tenancy-in-Common Interests: In cases where a co-owner of a tenancy-in-common interest intends to sell or assign their interest to another party, an eligible co-owner with the preferential right to purchase can acquire the interest first, preventing its sale to an outsider. 3. Condominium Units: If a unit within a condominium building is being sold or assigned to a new owner, an eligible party with the preferential right to purchase can exercise their right and purchase the unit before it is sold to another buyer. The Cook Illinois Preferential Right to Purchase Interest Assigned serves as a protective measure to prevent unfair sales practices and to allocate opportunities fairly among interested parties. It ensures that individuals or organizations with a legitimate interest in a property have the chance to acquire the assigned interest and safeguard their rights. By giving eligible parties the first refusal, this provision contributes to transparency and fairness in real estate transactions within Cook County, Illinois.Cook Illinois Preferential Right to Purchase Interest Assigned is a legal term that refers to a specific provision in the Cook County, Illinois real estate law. This provision grants certain rights and privileges to eligible parties regarding the purchase of assigned interests in real property within the county. The purpose of this provision is to ensure fair and equitable opportunities for interested parties to acquire property interests in Cook County. Under the Cook Illinois Preferential Right to Purchase Interest Assigned, eligible parties are given the first opportunity to purchase assigned interests in real property. This means that when an interest in a property, such as a leasehold interest or tenancy-in-common interest, is being transferred or assigned to a new owner, a party with the preferential right to purchase the interest is given the chance to acquire it before any other interested party. The Cook County law recognizes various types of Cook Illinois Preferential Right to Purchase Interest Assigned, including: 1. Leasehold Interests: If a leasehold interest in a property is being assigned to a new lessee, an eligible party with the preferential right to purchase this interest can exercise their right before the lessee's interest is transferred to someone else. 2. Tenancy-in-Common Interests: In cases where a co-owner of a tenancy-in-common interest intends to sell or assign their interest to another party, an eligible co-owner with the preferential right to purchase can acquire the interest first, preventing its sale to an outsider. 3. Condominium Units: If a unit within a condominium building is being sold or assigned to a new owner, an eligible party with the preferential right to purchase can exercise their right and purchase the unit before it is sold to another buyer. The Cook Illinois Preferential Right to Purchase Interest Assigned serves as a protective measure to prevent unfair sales practices and to allocate opportunities fairly among interested parties. It ensures that individuals or organizations with a legitimate interest in a property have the chance to acquire the assigned interest and safeguard their rights. By giving eligible parties the first refusal, this provision contributes to transparency and fairness in real estate transactions within Cook County, Illinois.
