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What is the benefit of a right of first refusal?

ROFR essentially gives interested buyers a contractual right to be the first party to have an opportunity to place an offer on a property when its listed on the market for sale by its owner.

Is right of first refusal a good idea?

A right of first refusal is beneficial to interested parties because it gives them the opportunity to have first dibs before any other offers can be received on the property. However, it can be a disadvantage for sellers, since it can block their access to other offers.

What does a right of first refusal look like?

Right of first refusal (ROFR), also known as first right of refusal, is a contractual right to enter into a business transaction with a person or company before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers.

What does first right of refusal means?

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.

What does right of first refusal mean?

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.

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