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Click ‘Get Form’ to open the first refusal document in the editor.
Begin by filling in the 'Clause No.' section at the top of the form. This is where you will specify the clause number for easy reference.
In Section A, provide details about the proposed purchaser, including their name, address, and occupation. Ensure this information is accurate as it initiates the notice process.
Next, fill in the blank for how many days the Company has to elect to buy the shares after receiving notice. This is crucial for establishing timelines.
Continue to Section B and indicate how many days the Company has to notify the offering Shareholder if they choose not to purchase the shares.
In Section C, ensure that you understand that if a sale does not occur within specified timeframes, all future sales will revert back to these restrictions.
Finally, review Section D regarding exceptions due to a Shareholder's death and confirm that all parties are aware of these terms.

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Is right of first refusal good or bad?

A right of first refusal is neither good nor bad; it is simply a tool used by some to ensure they have the first claim on an asset or to ensure a buyer is waiting.

What is the meaning of first refusal?

The right of first refusal (ROFR) is a legal provision in real estate that gives a prioritized, interested party the exclusive opportunity to buy or lease a property before the owner can negotiate with other prospective buyers or tenants.

What does it mean to have first refusal?

Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party.

Who usually gets right of first refusal?

A right of first refusal clause could apply to family members of the property owner. If an owner decides to sell a property, the ROFR stipulates that named relatives, like children or siblings, may have the first opportunity to buy the property and make an offer.

What does it mean to be on first refusal?

A right of first refusal stipulation in a contract, lease agreement, or other formal real estate property agreement grants its holder the first opportunity to make an offer on a property and buy it if it goes on the market.

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