What is the name of your state? Florida
How does a standard "Right of First Refusal" clause for a property work relative to a county foreclosure sale?
If the property is sold by court order at an open auction to a third party, how/when does the "Right of First Refusal" clause enter into the transaction. Does the person holding the ROFR rights then have the option to step in and accept the terms of the county auction, after the public sale.
Can someone explain in detail the order of proceedings:
-Public sale is held
-High bidder in excess of outstanding amount awarded rights to property
-Payment is made by third party to county clerk
-County clerk transfers property title to third party high-bidder
(Where does ROFR fit into this event list?)
Thanks.
Troy
How does a standard "Right of First Refusal" clause for a property work relative to a county foreclosure sale?
If the property is sold by court order at an open auction to a third party, how/when does the "Right of First Refusal" clause enter into the transaction. Does the person holding the ROFR rights then have the option to step in and accept the terms of the county auction, after the public sale.
Can someone explain in detail the order of proceedings:
-Public sale is held
-High bidder in excess of outstanding amount awarded rights to property
-Payment is made by third party to county clerk
-County clerk transfers property title to third party high-bidder
(Where does ROFR fit into this event list?)
Thanks.
Troy