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FIRST RIGHT OF REFUSAL ADDENDUM To be used in conjunction with the Residential Real Estate Purchase Agreement approved by Northwest Ohio REALTORSThis Addendum is made part of the Residential Real

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How to fill out right of first refusal

01

Understand the terms of the right of first refusal clause in the contract.

02

Notify the current owner of your intention to exercise your right of first refusal.

03

Obtain all necessary documentation and information related to the potential sale.

04

Review the terms of the offer and decide whether to match it or waive your right to purchase.

05

Communicate your decision to the current owner in a timely manner.

Who needs right of first refusal?

01

Individuals or entities who want the option to purchase a property before it is sold to others.

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What is right of first refusal?

Right of first refusal (ROFR) is a legal right that gives an individual or entity the opportunity to enter into a business transaction with a person or company before anyone else can. It typically allows the holder to purchase or lease a property before the owner can offer it to another buyer.

Who is required to file right of first refusal?

The party or entity who holds the right of first refusal is typically required to file or exercise this right when they wish to claim their opportunity to buy or lease the asset in question before it is offered to others.

How to fill out right of first refusal?

To fill out a right of first refusal, the holder should complete the necessary forms, which usually include personal details, a description of the property or asset, the terms of the offer, and the signatures of both parties involved.

What is the purpose of right of first refusal?

The purpose of right of first refusal is to protect the interests of the holder by allowing them the first opportunity to purchase or lease an asset, thereby preventing the owner from selling or leasing it to a third party without the holder having a chance to secure the deal.

What information must be reported on right of first refusal?

Information that must be reported typically includes the identity of the parties involved, the description of the asset, the duration of the right, the offer price, and any other terms or conditions relevant to the agreement.

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