Negotiating and Exercising Rights of First Refusal

, New York Law Journal

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Troutman Sanders partners Sonia Bain and Daniel Anziska write that the ease of navigating through the myriad issues that may arise with a Right of First Refusal provision in a lease or other real estate contract will largely depend on the original negotiations of the right and the final terms that the seller and holder agreed to in advance. If the ROFR provision did not include specific terms or parameters when initially negotiated, the holder may have to consider an offer with terms that the holder finds unfavorable. In this case, the holder may have to decide between an imperfect offer and no transaction at all.

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