Rights of First Refusal, Rights of First Offer, Options to Purchase: Key Provisions for Clarity and Enforceability
Recording of a 90-minute premium CLE webinar with Q&A
This CLE webinar will examine and compare rights of first offer (ROFO), rights of first refusal (ROFR), and options to purchase commercial property (collectively, the purchase rights). The panel will discuss key drafting points and issues of interpretation which can arise due to a lack of clarity or unforeseen circumstances. The panel will also address title, financing and subordination issues to consider when granting a purchase right.
- Distinguishing between different types of purchase rights
- Right of first refusal
- Right of first offer
- Option to purchase
- Key provisions
- Triggers, notice, other requirements to exercise purchase right
- Time of the essence, strict compliance
- Identification of parties: assignment provisions
- Common points of misunderstanding and dispute
The panel will review these and other critical issues:
- What distinguishes a ROFR from a ROFO or an option to purchase?
- Why might "time of the essence" and strict compliance provisions be particularly relevant when drafting purchase rights provisions?
- What are some of the pitfalls in drafting ROFRs, ROFOs and purchase options?
- What are the factors when drafting purchase price provisions?
- How might purchase rights impact future transfers and financings of property? Is a purchase right insurable under a title policy?
Kathryn E. Allen
The Law Office of Kathryn E. Allen
Ms. Allen is an attorney providing legal services covering Business Litigation and General Litigation, Oil and... | Read More
Ms. Allen is an attorney providing legal services covering Business Litigation and General Litigation, Oil and Gas, and Real Estate. She has practiced for over 30 years, is board certified in Civil Trial Law, and was selected to Super Lawyers for 2006.Close
Maggie R. Simoneaux-Cuaso
Simoneaux Law Firm
Ms. Simoneaux-Cuaso dedicates her practice exclusively to real estate law. She delivers aggressive representation... | Read More
Ms. Simoneaux-Cuaso dedicates her practice exclusively to real estate law. She delivers aggressive representation and outstanding results on behalf of her clients throughout Texas, California, and Louisiana in complex matters such as sale and purchase agreements, lease agreements, construction disputes, and deceptive trade practices. She was named as "Top Ten in the USA" Real Estate Law by Lawyers of Distinction.Close
Victoria J. Siesta
Ms. Siesta focuses her practice on real estate finance transactions, working directly with commercial banks,... | Read More
Ms. Siesta focuses her practice on real estate finance transactions, working directly with commercial banks, institutional lenders, servicers and borrowers on all aspects of the loan process from application through post-closing and loan servicing. She also has significant experience addressing property level issues. She represents clients in matters relating to acquisitions financing, refinances, building loans, leasehold loans and commercial mortgage-backed securities loans and is experienced in closing loans for commercial buildings, hotels, multi-property portfolios, large multifamily buildings and cooperative and condominium apartment properties. She also has experience representing clients in connection with acquisitions and dispositions of real property and loan workouts.Close