First Right Of Refusal Meaning Explained | Right Of First Refusal
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- Опубліковано 8 жов 2020
- First Right Of Refusal Meaning Explained. What is a right of first refusal? What does first right of refusal mean when dealing with a real estate contract? Accepting real estate contingencies without understanding them often causes home sellers problems. I have shared a real-world example of how we handled a first right of refusal real estate contract negotiation, and the decision-making process used to put the home seller in the best situation possible. Pay close attention to this short video and you’ll have a better understanding of the right to first refusal in real estate, and how you should handle this contingency when you are selling your home.
ℹ️ Here's a link to an article that inspired the video: www.manausa.com/blog/first-ri...
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If a seller who entered a First Right of Refusal agreement and then decided to not sell their home at all, could the seller be sued for Specific Performance?
Great question Dev. I'm not an attorney so the short answer is not legal advice. I've enough experience with contracts to tell you that contracts vary from state to state and even municipality to municipality, so the long answer is "it depends on what the contracts say." Most contracts that I have used have a very clear path explained for a seller who wishes to terminate a FROR agreement. Often, the seller will have a certain number of days to give the buyer notice.
This question was on the national part of the exam. I would also like to understand this more. Any more insight on this would be helpful. Thank you. Question went something like above but the seller got a better offer from a second buyer...what happens then...what are the sellers options with this and also the buyer??
thanks for such a practical and concise answer to what this truly means... in real time
Glad it was helpful!
Now I see why plot I was considering has been listed for for over 1700 days! The seller (HOA) has a 1st right refusal.
Thanks TH1. Not a fun scenario to be a buyer with the seller holding out. Just make a firm offer with a contingency to remove FROR within a date certain. 1700 days indicates a very-low motivated seller so you're probably better off finding a different parcel of land to buy.
@@Manausa It's very ironic that listing reads "MOTIVATED SELLER, ALL OFFERS CONSIDERED" Sounds like baloney to me! Thanks for the advise.
Hah, "motivated seller." That's state-of-the-art 1970s marketing. Today, price demonstrates motivation and at 1,700 days .... well prices haven't gotten there yet! Best of luck in your dealings.
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great explanation with example...but where did your eyebrows go?
Great question LJBrandt500, darned if I know. Too close to the fire one too many times I suspect 🤓
What if, I (the owner of the idea) want to sell it by myself? I'm right now in this situation and don't know what to do if there is someone how knows it could pls help me.
Vykx, I'm sorry, but I do not understand your question. Can you please try to restate it?
Hello! And thank you in advance! I'm currently working in a company where we publish videogames. In my free time, I'm developing my video game. Last month the boss told me that there is no problem if I want to make video games in my free time, so last week I decided to share some parts of my video games with the company, just to let them know that I took their advice. But then Friday, they send an email to all the employees, saying that, they added a new role to the company which is the First Refusal for self-developed video games. So I must publish my game through them. Now the question is how can I get out of this.? If I leave the company is this still valid?
Ah, OK, I understand now Vykx ... unfortunately, I cannot answer that. You need to ask your question to an attorney. I know that the answer will require a close study of the language of the contract you have signed with your employer. I suspect if they "just added a new role ..." then anything you have done up to that point should be yours, but only a good contract attorney can give you the best answer. Good luck Vykx!
Thank you very much for the support. I'll talk with an attorney.
Best of luck Vykx