A Right of First Refusal (ROFR) Clause is an optional clause that may be included in certain commercial leases which grants a tenant the first right to buy the property should the owner decide to sell....more
What is a right of first refusal clause in a real estate transaction? A right of first refusal, “ROFR,” may be considered a common clause seen in real estate agreements. But the effects of an ROFR can be quite harmful if...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER LATVIAN LAW - I. STANDARD FORMS OF AGREEMENT - A. Offer to Purchase sets forth Buyer's offer of price and date for closing. Seller may accept or reject. B. The purchase...more
Under existing law in Montgomery County, Maryland, any time covered multifamily property is sold in the County, the County (acting through its Department of Housing and Community Development (DHCD)), the Housing Opportunities...more
County Council President Evan Glass introduced Expedited Bill 38-23 to modify the Montgomery County, Maryland (County) right of first refusal (ROFR) law to permit the County to assign its ROFR rights to a “qualified entity.”...more
On March 30, 2022, the New York State Supreme Court, New York County (the “Court”) decided in Times Square JV LLC v. Walber Broadway LLC that a ground lease-tenant that is in default under the ground lease for failure to pay...more
Envision a scenario in which you purchased a right of first refusal for a parcel of real estate. That right, as bargained for, would let you purchase the parcel if it was put up for sale by matching any competing bidder’s...more
A right of first refusal is a contractual right to purchase property that arises when the owner decides to sell. The holder of a right of first refusal has a preference to purchase the property over other purchasers....more
On January 18, 2022, an amendment to Bill 24-612 (legislation that would extend the eviction moratorium in DC until June 30, 2022) (the "Amendment") was introduced to the DC Council that proposed tolling tenant deadlines...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER LATVIAN LAW - I. STANDARD FORMS OF AGREEMENT - A. Offer to Purchase sets forth Buyer’s offer of price and date for closing. Seller may accept or reject. B. The purchase...more
Das BVerwG hat am 9. November 2021 über die Ausübung eines gemeindlichen Vorkaufsrechts im Geltungsbereich einer Erhaltungssatzung bzw. -verordnung in Berlin-Kreuzberg (Milieuschutzsatzung) entschieden (4 C 1.20). Dabei...more
The New York State rule against perpetuities is based on the common law rule and provides that “no estate in property shall be valid unless it must vest, if at all, not later than twenty-one years after one or more lives in...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER LATVIAN LAW - 1. Types of real estate - 1.1. Land estate - Consists of one or several land plots. 1.2. Land and building estate - Consists of one or several land...more
The Howard County, Maryland, Council passed Bill 13-2020—the Affordable Housing Retention Act—last week. This legislation provides the County and the Howard County Housing Commission with the right to purchase rental housing...more
In Headquarters Hotel v. LBV Hotel, Judge Davis ruled that Headquarters rejected LBV’s offer to sell a property interest under a right-of-first-offer provision by refusing to execute a confidentiality agreement included with...more
Real Property Update- Contracts: Escrow agent was bound only by the terms of an escrow agreement to which it was a party and not a purchase agreement to which it was not a party – Carter Dev. of Mass., LLC v. Howard, No....more
The District of Columbia Court of Appeals recently determined, in Williams v. Kennedy, that a conveyance of ownership interests in a rental property does not constitute a sale under D.C.’s Tenant Opportunity to Purchase Act...more
Effective June 2, 2019, San Francisco has enacted the “Community Opportunity to Purchase Act” or COPA (codified as San Francisco Administrative Code, Section 41.B.1 through Section 41.B.14). Recognizing the housing crisis...more
Owners of multifamily residential properties in San Francisco will soon have to extend purchase offers to certain nonprofit organizations, before making or soliciting offers to sell those properties to anyone else—and will...more
The Idaho Supreme Court provided important lessons to people who deal with rights of first refusal (ROFRs) on real property in its recent decision Mulberry v. Burns Concrete, Inc., No. 45184 (Idaho Feb. 21, 2019). A ROFR is a...more
Sitting in your office, basking in the sense of accomplishment, perhaps hugging a beer or a glass of pinot noir, you have finished the All Brands USA lease for 50,000 square feet at Mallchester Mall after six months of...more