Require Tenant to Offer Same Deal as Third Party for ROFR

Some owners offer a tenant the right of first refusal (ROFR) to buy a building, should they decide to sell the property. If you decide to do this, make sure that you don’t get burned by the current tenant’s lower offer than a third party. When negotiating a lease with a tenant you’re giving a ROFR to buy your building, make sure that the lease specifically says that the tenant can’t exercise that right unless it gives you a signed contract with terms that are identical to those contained in any offer you’ve gotten from a third party.

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