Peter E. Fisch, left, and Salvatore Gogliormella. Courtesy photos Challenges to Rights of First Refusal in New York Courts
In their Transactional Real Estate column, Peter Fisch and Salvatore Gogliormella review ROFR challenges in New York which illustrate that courts honor the written intentions of the parties to a ROFR, but also uncovers that courts will fill gaps in drafting with certain default rules and will look for certain indicators of reasonableness.
February 09, 2021 at 12:09 PM
12 minute read
Rights of first refusal (ROFRs) are frequently drafted into real estate contracts and other agreements to give a party a preemptive right to purchase a property—a ROFR typically provides that, before the property is sold to a third party, the grantor of the right will first give the holder of the right a chance to buy the property at the price contained in a bona fide offer that the owner intends to accept.
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