Right of First Refusal Florida
A lot of real estate changes hands in Florida. A recent case deals with a right of first refusal Florida. If you are a tenant, or have a ROFR via a contract, you need to read that case.
Florida Real Estate
So, there is a LOT of interest in Florida real estate.
Vacant land, office towers, apartment complexes and plain old homesteads and residences can change hands multiple times over the years. (But….remember…. ROFRs are NOT for just real estate.)
Many times, a tenant may have a right of first refusal Florida. This gives the tenant a right to purchase a particular property upon certain terms when the seller intends to accept an offer from another.
Many times, though, a right of first refusal Florida is not found in a lease. But in a private contract. A deal. Because a potential buyer wants to know if the seller is going to sell.
But this property right places obligations on the seller or owner of the real estate. She needs to give notice, and proper notice, to the person who has, or holds, the ROFR. Failure to follow the ROFR can get the owner/seller into legal trouble. A recent case from Florida’s 4th District Court of Appeal discusses this very issue. But, first, let’s get some bullet-point-advice from a Florida trial attorney who handles lots of clients, litigation and appeals over homestead, real estate and plain old Florida real estate.
Florida Right of First Refusal
- A ROFR can ripen into a right to purchase
- But the seller/owner needs to communicate (to the holder of the ROFR)
- Communicate what?
- The terms of a possible sale.
- Right? If the owner receives an offer to sell her vacant land for $5,000,000 for cash, closing in 90 days…….
- The owner should inform the prospective purchaser of the ROFR. (OK… some real estate or “dirt” lawyers might say otherwise)
- BUT…. the owner definitely has to notify the holder of the ROFR. With information which will permit the holder of the ROFR to properly analyze whether she wants to purchase … or not.
- Be sure to read the language of the ROFR carefully. Very carefully. And see if there is a prevailing party attorney fee provision in that document. You know….in case their is litigation over the real estate or the ROFR. The winning side “gets” attorneys fees and costs from the loser.
- To read a July, 2023 appellate opinion on this subject, click THIS LINK and scroll down to the opinion for Case 22-0569. The opinion was issued July 19, 2023 by the West Palm Beach 4th DCA.