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Right Of First Refusal Agreement (Real Estate)
"I need a Right of First Refusal Agreement (Real Estate) for a commercial property in Toronto, where my retail company wants first rights to purchase the adjacent warehouse space when it becomes available, with the right lasting until March 2025."
1. Parties: Identifies and provides full legal details of all parties to the agreement, including the property owner (grantor) and the party receiving the right of first refusal (grantee)
2. Background: Provides context for the agreement, including the current ownership status of the property and the parties' intentions
3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent misinterpretation
4. Grant of Right of First Refusal: Explicitly states the right being granted and its scope, including any limitations or conditions
5. Property Description: Detailed description of the subject property, including legal description and current status
6. Term: Specifies the duration of the right of first refusal and any renewal provisions
7. Notice Requirements: Details the process for notifying the grantee of any third-party offers and the required content of such notices
8. Exercise of Right: Outlines the procedure and timeframe for exercising the right of first refusal
9. Purchase Price and Terms: Specifies how the purchase price will be determined and the basic terms of purchase if the right is exercised
10. Transfer Process: Details the process for completing the property transfer if the right is exercised
11. Termination: Circumstances under which the agreement may be terminated and the process for termination
12. Assignment: Whether and under what conditions the right of first refusal may be assigned to another party
13. Notices: Specifies how formal notices under the agreement must be given
14. Governing Law: Specifies that Canadian law governs the agreement and identifies the applicable jurisdiction
15. General Provisions: Standard contract provisions including entire agreement, amendments, severability, and counterparts
1. Registration on Title: Include when the right of first refusal will be registered on the property title
2. Property Management: Include when specific requirements exist for maintaining the property during the term of the agreement
3. Due Diligence: Include when specific provisions are needed for property inspection and investigation upon exercise of the right
4. Financing Conditions: Include when specific financing arrangements or conditions need to be addressed
5. Multiple Properties: Include when the right of first refusal covers multiple properties or units
6. Competing Rights: Include when there are other rights holders or potential conflicts to address
7. Special Use Provisions: Include when the property has specific use restrictions or requirements
8. Environmental Matters: Include when environmental concerns or requirements need to be addressed
1. Schedule A - Property Description: Detailed legal description of the property, including surveys, plans, and specifications
2. Schedule B - Permitted Encumbrances: List of existing encumbrances, easements, or restrictions that will remain on the property
3. Schedule C - Form of Notice: Template for the notice of third-party offer and exercise of right of first refusal
4. Schedule D - Purchase Terms: Standard terms and conditions that will apply to the purchase if the right is exercised
5. Appendix 1 - Property Plans: Site plans, building plans, or other relevant property diagrams
6. Appendix 2 - Title Search: Current title search results showing existing registrations and encumbrances
Authors
Real Estate
Commercial Property
Residential Property
Property Development
Construction
Retail
Hospitality
Industrial
Agriculture
Mixed-Use Development
Urban Planning
Property Investment
Legal
Real Estate
Property Management
Asset Management
Investment
Development
Facilities
Acquisitions
Contract Administration
Risk Management
Corporate Development
Real Estate Lawyer
Property Manager
Real Estate Agent
Real Estate Broker
Property Developer
Investment Manager
Legal Counsel
Corporate Counsel
Real Estate Investment Manager
Property Acquisition Manager
Development Director
Asset Manager
Facilities Manager
Contract Administrator
Real Estate Portfolio Manager
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