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Peter E. Fisch, left, and Salvatore Gogliormella. Courtesy photos Peter E. Fisch, left, and Salvatore Gogliormella. Courtesy photos

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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