The Right of First Offer is widely used in real estate and I came to know about it from a newspaper recently. So if you too are interested to learn about what is Right of First Offer, let me explain it to you. It refers to a contract or agreement that allows a tenant or holder of a property to purchase the asset before someone else. It is a great opportunity to grab an offer so let me elaborate a bit on this topic.
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What is Right of First Offer clause real estate?
The Right of First Offer is clear to you now and is usually drafted as a contract like that of a lease agreement. Suppose there is a property, and A and B are the owner and tenant of that property respectively. Now A wants to sell his property and the Right of First Offer is with B. B can either purchase A’s property or reject it. If B rejects it, then only A will be able to sell it to someone else. But the first offer gets enjoyed by B here as he has the Right of First Offer. This is the main concept of the Right of First Offer agreement.
How long is the Right of First Offer valid?There is a time limit set for the holder enjoying the Right of First Offer. Both parties are given enough time to discuss, consider and come to a decision. The holder has 1 to 2 months, or 30-60 days to respond to the offer.
I hope the concept of
what is Right of First Offer is clear to you now.
Read More:How to sell my property first?
What are the rules for selling my rental property which is currently occupied by tenants?
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What is Right of First Offer?
Siddharth
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3 Year
2022-12-29T21:36:13+00:00 2022-12-29T21:36:14+00:00Comment
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