A condominium association, and sometimes the project developer, can include a right of first refusal (RFR) in its governing documents. It is not standard or required.
The advantage of this right, is that the association or developer can stand at the head of the line to purchase a unit, ahead of any right the current seller may have to sell the unit.
The disadvantage may be to the seller, who may be able to achieve a higher selling price in the open market.
The disadvantage to the association or developer may occur when the holder of the RFR does not have the funds to purchase the unit.
Read examples, below.
When you decide to sell something,
if you must ask a certain potential buyer if he wishes to purchase it,
then he has the right of first refusal.
Yes, if the right of first refusal was granted in writing by the other three owners and that document is recorded in the land records. A right of first refusal must be granted by the owner of the property.A right of first refusal means the right to buy something first: the right to decide whether or not to buy something before it is offered to other potential buyers.Yes, if the right of first refusal was granted in writing by the other three owners and that document is recorded in the land records. A right of first refusal must be granted by the owner of the property.A right of first refusal means the right to buy something first: the right to decide whether or not to buy something before it is offered to other potential buyers.Yes, if the right of first refusal was granted in writing by the other three owners and that document is recorded in the land records. A right of first refusal must be granted by the owner of the property.A right of first refusal means the right to buy something first: the right to decide whether or not to buy something before it is offered to other potential buyers.Yes, if the right of first refusal was granted in writing by the other three owners and that document is recorded in the land records. A right of first refusal must be granted by the owner of the property.A right of first refusal means the right to buy something first: the right to decide whether or not to buy something before it is offered to other potential buyers.
Right of first refusal ... to do what? regarding what? by whom?
Right of first refusal
This makes no sense. If an owner has a contingent offer accepted with a Right of First Refusal and he gets another offer that is satisfactory, he then goes back to the person who has the Right of First Refusal and tells them to step up or get off.If they decline, then he can sell to offer #2 since contract one should be notified that their offer has been terminated by the Seller.
This right is documented in your governing documents, because each situation is unique. Essentially, it means that should you decide to sell your unit, the association reserves the right to purchase it, and if it refuses -- by right of first refusal -- to buy it, you can sell it on the open market.
Option is just that i.e. you have the option to buy this piece of property if you want to. A first right of refusal (often found in condominium bylaws) would give the condo association the "first right" to buy or refuse to buy a property that went up for sale in the condo devcelopment. Known as a first right of refusal. This was often looked upon as prejudicial as they could buy a property to keep out less desired persons
Yes
Not sure Minnesota law would come into play here, since the right of first refusal was a contractual commitment between yourself and the 2 nephews. If the right of first refusal granted did not specify a time period during which the nephews are eligible to exercise the right and purchase the parcel, that means the offer was missing a key variable. If your nephews were to come back now and express their interest in utilizing their right to purchase, that would be fine, but if time goes by, and there's no exercise on their part, you must go back to them an confirm to them what time frame you had in mind fr the right of first refusal. The time element is a key component that must be stipulated in any right of first refusal scenario
It depends on what the association has '...a right of first refusal' over. Legally, the right of first refusal is a contracted right that gives the holder -- association in this case -- the option to enter into a business transaction with the owner -- probably of real property in this case -- according to a unique set of terms, before the owner can enter into a transaction with a third party. If the association has the right of first refusal over the purchase of a unit, then, in order to sell the unit to a buyer other than the association, a seller must first offer the unit for sale to the association, and the association must refuse to purchase the unit. Once the transaction has been refused, the owner can sell the unit to a buyer other than the association. The terms of the right of first refusal can include a price, a payment plan and so forth.
Yes. It is common for a Master Deed or Trust of a condominium to reserve the right of first refusal when any owner decides to sell their unit. That means the board must be given first priority to purchase the unit. Read through your copy of the Master Deed and Trust looking for any "right of first refusal language".
That's up to a judge and first right of refusal
Unless the orders include a first right of refusal, any maternal relative.see link