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Right of first refusal clause sample

Right first refusal sample 2026

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The document outlines a Right of First Refusal agreement between a Seller and Purchaser regarding the purchase of real estate. It grants the Purchaser an exclusive right to buy the property before it is offered to third parties, detailing terms for exercising this right, conditions for title acceptance, payment obligations, and responsibilities related to closing costs. The agreement also specifies the duration of the option, provisions for default, and governing law.

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Click ‘Get Form’ to open the right of first refusal sample in the editor.
Begin by filling in the date at the top of the form, followed by the names of the Seller and Purchaser. Ensure accuracy as these details are crucial for legal validity.
In Section I, specify the property location and attach any necessary descriptions or exhibits that detail the property being referred to.
For Section II, indicate the number of days within which the Purchaser can exercise their right after receiving notification from the Seller.
In Section III, clearly state the purchase terms, including cash amounts or conditions related to competing offers.
Complete Sections IV through XI by providing information on title delivery, option money, term duration, and any other relevant details as required.
Finally, ensure both parties sign and date at the end of the document. You may also want to include notary sections if required for your jurisdiction.

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How do you use right of first refusal in a sentence?

That team also has the right of first refusal on the 50-year contract to build, finance and operate the lanes. Tenants will get right of first refusal to purchase properties that go up for sale in the area.

What is the first right of refusal statement?

A right of first refusal is a contractual agreement between two parties that gives one the ability to be the first buyer. This party can match an offer made by a third party and purchase an asset, or they can refuse to match it, in which case the seller can proceed with selling it to that third, or another, party.

What is an example of a first right of refusal?

A right of first refusal is triggered when the grantor chooses to sell their property interest and receives a legitimate offer from a third-party purchaser. For example, cotenants A and B own a home together, and in their ownership agreement, they granted each other the first right of refusal.

How to write first right of refusal?

Before any Shares held by Purchaser or any transferee of such Shares (either sometimes referred to herein as the Holder) may be sold or otherwise transferred (including without limitation a transfer by gift or operation of law), the Company and/or its assignee(s) will have a right of first refusal to purchase the

What is the standard ROFR clause?

MaintainedStandard clausesUnited States. A generic right of first refusal (ROFR) provision that restricts a contracting party from accepting a third-party offer to enter into a specified transaction without first offering the terms proposed by the third party to the holder of the ROFR.

right of first refusal agreement pdf

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What are common scenarios for right of refusal?

ROFR clauses are popular in real estate and investment scenarios, providing holders the priority to buy rental properties or maintain investment positions before public offers.

How to write right of first refusal?

Seller hereby grants Purchaser a right of first refusal on the Property or any portion of the Property in accordance with the terms below (Right of First Refusal).