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There are a few reasons why a right of first refusal would be put on a leasing agreement
There is no specific formula when it comes to a right-of-first-refusal clause. Although a buyer gets the first option to buy a property, the terms of each right-of-first-refusal clause can vary. Some set rules on things such as how long the contingency can last, proof the interested party must provide in order to move forward with purchasing the property, or any exceptions based on a cash offer. To determine if a right-of-first-refusal agreement is right for you, make sure all of the details suit you. Consult with a property professional like HouseFurb and an attorney before entering into a right-of-first-refusal agreement. And as with any contract, read your contingency thoroughly to get an idea of the deadlines, limitations, or obligations it entails before signing on the dotted line
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