What is a Right of First Opportunity Agreement ?
Right of First Opportunity Agreement is typically spelled out in a contract, such as a leasing agreement or business partnership. It is activated when the owner want to sell the asset or real estate. The owner is required by the contract to give the holder of the right of first offer the first opportunity to purchase the property. The right holder has a certain length of time before the right expires to make an offer. The seller has the option of accepting or rejecting the offer.
If the seller declines the offer, the owner may sell the property to a third party.
Why use a Right of First Opportunity Agreement ?
Landlords and business owners are common sellers, whereas renters and investors are common right holders. It is usual in commercial real estate for the owner of commercial office space to grant the occupant of the space being considered for future sale a right of first offer.
If the attempts to sell to a third party fail, the seller might return to the right holder for a new offer. The right holder is no longer bound by their original offer at this time.
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