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CLOSING CHECKLIST 1. What is the current real estate commission rate in your jurisdiction? % 2. Are the current agreement of sale and all attached extensions, addenda and endorsements legally enforceable

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What is right of first refusal?

Right of first refusal is a contractual provision that gives a party the option to purchase or lease a property or asset before the owner can sell or lease it to a third party.

Who is required to file right of first refusal?

The party with the right of first refusal, as specified in the contract or agreement, is required to exercise or waive their right by filing the necessary documents.

How to fill out right of first refusal?

To fill out a right of first refusal, you typically need to provide your name, contact information, details of the property or asset, and indicate your intention to exercise or waive your right.

What is the purpose of right of first refusal?

The purpose of right of first refusal is to provide a party with the opportunity to secure a property or asset before it is sold or leased to another party, ensuring they have the first chance to acquire it.

What information must be reported on right of first refusal?

The information to be reported on a right of first refusal may include the identifying details of the property or asset, the terms and conditions of the right of first refusal, and any other relevant information required by the contract or agreement.

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