Right of first refusal real estate
Oct 16, 2017 People often talk about giving or getting a Right of First Refusal ( ROFR ) in real estate transactions. But what is a ROFR? A simple definition might be: If the owner of the property decides to sell the property, then the person holding the ROFR gets the opportunity to buy the property on the same terms first.But another form of rights of first refusal (common in certain realestate and entertainment negotiations) requires the right holder to accept or reject the sellers demand before other potential buyers are offered the same deal. If the right holder refuses the price, she forfeits the chance to match other offers. right of first refusal real estate
A right of first refusal form real estate agreement is one of the types of real estate options that allows buyers to refuse and walk away from a deal. ROFR is an options real estate right arising from a contract. Therefore, in the event of a breach, a holder of the right can sue for damages.