What is a right of first refusal? I’ve found that a lot of people, including some realtors, aren’t quite sure what a right of first refusal means on a property. It is a contractual arrangement between a prospective buyer and a seller that gives the buyer first dibs on buying the seller’s home.
https://peggyblairrealtor.wordpress.com/2013/02/14/what-is-a-right-of-first-refusal/
Right Of First Offer. What is a 'Right Of First Offer'. A right of first offer is a contractual obligation by the owner of an asset to a rights holder to negotiate the sale of an asset with the rights holder before offering the asset for sale to third parties.
http://www.investopedia.com/terms/r/rofo.asp
What is a 'Right Of First Refusal'. A right of first refusal is a contractual right of an entity to be given the opportunity to enter into a business transaction with a person or company before anyone else can. If the entity with the right of first refusal declines to enter into a transaction, the owner of the asset is free to open the bidding up to other interested parties.
http://www.investopedia.com/terms/r/rightoffirstrefusal.asp
Right of first refusal. The right of first refusal is triggered just before the property is to be sold to a third party. The purchase price is firm (the same price offered by the third party) but the right to purchase must be exercised quickly by the conservation organization without any time for negotiation.
http://conservationtools.org/guides/24-rights-of-first-purchase-offer-negotiation-and-refusal
Seller will keep the property on the market but accept a contingent offer, providing buyers with a 72-hour (negotiable) first-right-of-refusal notice to perform in the event seller receives a better offer. Seller will take the property off the market and wait for the buyer to sell the buyer's existing home.
https://www.thebalance.com/what-first-right-of-refusal-means-for-a-contingent-offer-1798834
What First Right of Refusal Means for Contingent Offers. How to Use First Right of Refusal on Contingent Offers. Home Buying. A contingent offer is often the answer to buying and selling at the same time. Making an offer to buy a home when your own home is not yet sold is a dilemma for many home buyers.
https://www.thebalance.com/what-first-right-of-refusal-means-for-a-contingent-offer-1798834
Since an entity with the right of first refusal has the right, but not the obligation, to enter into a transaction that generally involves an asset, it is akin to a having a call option on the asset. A right of first refusal is usually negotiated by a party when it wants to see how a business will turn out.
http://www.investopedia.com/terms/r/rightoffirstrefusal.asp
Since the right of first refusal tends to deter some buyers, you are probably wondering why a seller would agree to it. There are two reasons: first, if the buyer can sell their home successfully, the seller has a sale: remember, all the other terms of sale have been negotiated too.
https://peggyblairrealtor.wordpress.com/2013/02/14/what-is-a-right-of-first-refusal/
A right of first purchase gives a potential purchaser the opportunity to purchase before a property is sold to another. It can be a right of first offer, a right of first negotiation, a right of first refusal or a combination of these rights.
http://conservationtools.org/guides/24-rights-of-first-purchase-offer-negotiation-and-refusal
Right Of First Offer. Share. What is a 'Right Of First Offer'. A right of first offer is a contractual obligation by the owner of an asset to a rights holder to negotiate the sale of an asset with the rights holder before offering the asset for sale to third parties.
http://www.investopedia.com/terms/r/rofo.asp
what does first right of refusal mean in selling a house
In selling a house, the first right of refusal means a contractual obligation by the owner of an asset to a rights holder to negotiate the sale of an asset with the rights holder before offering the asset for sale to third parties. A first right of refusal is a contractual obligation by the owner of an asset to a rights holder to negotiate the sale of an asset with the rights holder before offering the asset for sale to third parties.