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What does Right of First Refusal (ROFR) mean?

April 26, 2017mean refusal right rofr

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What does Right of First Refusal (ROFR) mean?

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When a seller and buyer come to a purchase agreement the resort at which the property is located has the first right to purchase the property for the agreed terms. If the resort enforces their right they will buy back the timeshare. If they waive their ROFR then you can proceed with the buyer.