Real Estate Right of First Refusal to Purchase Property Agreement
Real Estate Right of First Refusal to Purchase Property Agreement
This Real Estate Right of First Refusal to Purchase Property Agreement ("Agreement") is entered into as of [Date], by and between:
[Your Company Name]
[Your Company Address]
[Your Company Email]
and
[Second Party Name]
[Second Party Address]
1. Background
[Your Company Name] owns certain real property located at [Property Address] ("Property").
[Second Party Name] desires to enter into this Agreement to secure the right of first refusal to purchase the Property should [Your Company Name] decide to sell the Property during the term of this Agreement.
2. Right of First Refusal
a. Grant of Right: Subject to the terms and conditions of this Agreement, [Your Company Name] hereby grants to [Second Party Name] the right of first refusal to purchase the Property should [Your Company Name] decide to sell the Property during the term of this Agreement.
b. Exercise of Right: In the event that [Your Company Name] receives a bona fide offer from a third party to purchase the Property, [Your Company Name] shall notify [Second Party Name] in writing of the terms and conditions of such offer. [Second Party Name] shall then have a period of [Number of Days] days from the date of receipt of such notice to exercise its right of first refusal by providing written notice to [Your Company Name] of its intent to purchase the Property on the same terms and conditions as contained in the third-party offer.
c. Failure to Exercise: If [Second Party Name] fails to exercise its right of first refusal within the specified period, [Your Company Name] shall have the right to sell the Property to the third party on the terms and conditions set forth in the offer without any further obligation to [Second Party Name].
3. Purchase Price
The purchase price for the Property shall be the same as the purchase price set forth in the third-party offer received by [Your Company Name].
4. Closing
If [Second Party Name] exercises its right of first refusal, the closing of the purchase of the Property shall occur within [Number of Days] days from the date of [Second Party Name]'s notice of intent to purchase.
5. Miscellaneous
a. Entire Agreement: This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral, relating to such subject matter.
b. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the state of [Your State], without regard to its conflict of law principles.
c. Amendment: This Agreement may only be amended or modified in writing signed by both parties.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
[Your Company Name]
By:
[Your Name], [Your Title]
Date:
[Second Party Name]
By:
Date:
