Get the free RFR - Right of First Refusal - Single Rental Unit - 110.pdf

District of Columbia Department of Housing and Community Development Housing Regulation Administration Rental Conversion and Sale Division 1800 Martin Luther King, Jr. Avenue, S.E. Washington, DC

How to fill out rfr - right of

How to fill out RFR - Right of First Refusal:

1. Gather the necessary information: Before filling out the RFR, make sure you have all the required information at hand. This includes the name of the party granting the right of first refusal, the property or asset in question, and any specific terms or conditions associated with the right.
2. Familiarize yourself with the RFR clause: Review the RFR clause in the relevant contract or agreement. Understand the specific rights and obligations it entails, such as the duration of the right, the process for exercising it, and any limitations or restrictions involved.
3. Clearly identify the parties involved: Begin filling out the RFR by accurately identifying all parties involved. This typically includes the party granting the right of first refusal (the grantor) and the party receiving the right (the grantee).
4. Describe the property or asset subject to the RFR: Provide a detailed description of the property or asset that falls under the right of first refusal. Include relevant details such as the address, size, condition, and any other important factors necessary for proper identification.
5. Specify the terms and conditions: State the specific terms and conditions associated with the right of first refusal. This may include the duration of the right, the process for exercising it (such as written notice or a matching offer), any deadlines or timeframes involved, and any limitations or restrictions on transferability.
6. Include any additional provisions: Depending on the agreement, there may be additional provisions to consider including in the RFR. This could involve provisions for payment terms, dispute resolution mechanisms, or any other relevant terms not mentioned in the preceding points.

Who needs RFR - Right of First Refusal?

1. Property owners: Individuals or entities who own properties may choose to include an RFR clause to maintain control over the potential sale or lease of their assets. By offering the right of first refusal to a specific party, owners can have the opportunity to decide whether to match an existing offer or negotiate alternative terms.
2. Potential buyers or lessees: Parties interested in acquiring or leasing a particular property may seek the inclusion of an RFR clause to secure their position. With this right, they are given the first opportunity to purchase or lease the property before it is offered to others, ensuring they have a fair chance to acquire the asset.
3. Business partners or shareholders: In business arrangements, partners or shareholders may include an RFR clause to ensure the opportunity to invest in additional shares or acquire company assets. This way, they can maintain their ownership interests and have the right to participate in future business transactions involving the company.

Note: The specific need for RFR - Right of First Refusal may vary depending on the circumstances and the nature of the agreement in question. It is always recommended to consult with legal professionals to ensure the adequacy and legality of any contractual clauses.

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