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RIGHT OF FIRST REFUSAL ADDENDUM PROPERTY ADDRESS: SALE PRICE: SELLER(S): BUYER(S): DATE OF AGREEMENT: SETTLEMENT DATE: 1. It is understood and agreed by both buyer and seller, that this Agreement

How to fill out right of first refusal

How to fill out right of first refusal:

1. Review the legal document: Familiarize yourself with the right of first refusal clause in the relevant agreement or contract. Understand the terms, conditions, and limitations associated with this right.
2. Determine the triggering event: Identify the event or circumstance that would activate the right of first refusal. This could include the proposed sale or transfer of a particular asset, property, or business interest.
3. Notification: Ensure that the party obligated to provide the right of first refusal is properly notified about the triggering event in a timely manner. This typically involves sending a formal written notice containing all relevant details.
4. Offer terms: If you are the party with the right of first refusal, carefully evaluate the terms and conditions of the proposed offer. Assess factors such as price, payment terms, timeline, and any other pertinent aspects relevant to the transaction.
5. Exercise or waive the right: Based on your evaluation of the offer, make a decision to either exercise or waive your right of first refusal. Exercise means you intend to match or better the terms of the offer, while waiver means you relinquish the right and allow the transaction to proceed.
6. Communicate your decision: Notify the party involved about your decision to either exercise or waive the right of first refusal. Provide clear and concise communication to avoid any misunderstandings or disputes.

Who needs right of first refusal?

1. Property owners: Those who want to maintain control over the future ownership or use of their property may include a right of first refusal clause in contracts or agreements.
2. Business partners: Individuals or entities with shared business interests may include a right of first refusal to ensure accountability and protect their investment in case of a potential sale or transfer.
3. Tenants: Commercial or residential tenants may seek a right of first refusal to have the opportunity to purchase the property they are leasing if the landlord decides to sell it.
4. Investors: Investors in startups or small businesses may negotiate a right of first refusal to have the chance to acquire additional shares or ownership interests before others.

Note: The specific need for a right of first refusal can vary depending on individual circumstances and objectives. It is recommended to consult with a legal professional to understand the applicability and implications of such rights in specific situations.

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