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First refusal 2025

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The document is a formal notice from a lessee to a lessor, indicating the lessee's intention to exercise their right of first refusal to purchase the premises as outlined in their lease agreement. It includes details such as the property address, purchase price, and payment timeline.

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Is right of first refusal good or bad?

The ROFR assures the holder that they will not lose their right to an asset if others express interest in it. The right of first refusal can limit the owners potential profit as they are restricted from negotiating third-party offers before the rights holder exercises their right.

What is another name for the right of first refusal?

What Is a Right of First Refusal? Right of first refusal (ROFR), also known as first right of refusal, is a contractual right that someone has to match or decline to match an offer for an asset after other offers have been made. The person who holds this right is entitled to enter a transaction before anyone else does.

What does it mean to be on first refusal?

phrase. If someone has first refusal on something that is being sold or offered, they have the right to decide whether or not to buy it or take it before it is offered to anyone else. A tenant may have a right of first refusal if a property is offered for sale.

What is a synonym for refusal?

decline, ignore, protest, rebuff, reject, turn down, withdraw, withhold.

What is the first refusal of a right?

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.

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What is a synonym for first refusal?

first refusal (noun as in first chance to buy something) Weak matches. first option option preemption prior right of purchase refusal right of preemption.

What is similar to the right of first refusal?

The right of first refusal is similar in concept to a call option. A ROFR can cover almost any sort of asset, including real estate, personal property, a patent license, a screenplay, or an interest in a business.

First refusal 2025

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