Can someone provide a good explanation of a Right of First Refusal?
Here is my experience with first right of refusal in CO and my experience is not to replace legal or agency advice that you should seek prior to writing a first right of refusal. The other answers given are applicable too so details to your specific transaction will change the exact meaning and terms of a first right of refusal. The CO contract allows for a first right of refusal and has a provision in it to do so. Typically there are additional provisions to the first right of refusal. Here is a typical scenerio I’ve dealt with: Buyer A wants to purchase 123 ABC ST. but for whatever reasons cannot fully execute the deal immediately. Buyer A approaches the seller with a contract that has a first right of refusal plus all other applicable terms in the contract including price. The seller may continue to actively market the property and if the seller receives another offer that is more appealing to the seller then Buyer A then has so much time, as stated in the contract, to either meet o
