land sale- right of first refusal known?

[THAIPHUKET]

A relative was offered x THB for the right-of-first-refusal for a plot of land.

Anyone with experience? Legal issues? Pricing?

English articles to read?

 

[smutcakes]

Rights of First Refusal are common here, especially when you have someone leasing land and they inserting a ROF refusal if the landlord decides to sell the property. In most cases if the landlord decides to sell then they need to inform the tenant and give them X amount of days to confirm their intention to activate their right.

 

There are a multitude of ways terming the Right with regards they are provided with the highest offer and they need to match of beat that, they have to enter a tender process etc etc. Paying for it is just another version whereby you are buying that right to perhaps have first option to acquire the land. This would perhaps be in cases where the land was highly desirable and the tenant wanted first right to negotiate with the owner prior to it going to the open market.

 

As with all these things its up to negotiation, there is no set price. How much is that right worth for you and them. If they proceed to acquire the property can they get their ROF refusal money back etc. Speak to a lawyer about drafting the appropriate clauses into the contract.

[THAIPHUKET]

Very comprehensive and prompt smutcakes !

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[peebee2]

Do remember that a Right of First Refusal is not registerable at the Land Office. The owner can sell without your consent at any time. You would have a right of action in the Thai courts. The contract for this option, or right of first refusal, must comply fully with legal requirements to be enforceable at all. Rely on any such case lasting a very long time.

[THAIPHUKET]

Teehee one of my many sins of negligence was not to thank you for your cautioning answer. It's never too late= thank you!

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