Calculating the Deadlines in a Right of First Refusal
- Sarah Bates
- Mar 27
- 2 min read
Hiring a Transaction Coordinator is beneficial for agents especially who never quite know what each transaction may bring. Depending on the complexity of the transaction, Transaction Coordinators at SmoothTC offer value by calculating performance deadlines for agents even for unique situations like a Buyer's Right of First Refusal.
Buyer's Right of First Refusal Addendum
This addendum gives the buyer the first right of refusal on a property while allowing the seller to continue marketing and potentially accept another offer, subject to notice and response periods.
Important Deadlines
Proof of Listing Deadline
This deadline marks the agreed upon period where the Buyer must have listed his or her home for sale on the Market. If this is not done, the Seller can make a demand with a specified time period. The Buyer can cure within a specified time period as well.
Seller's Notice of Acceptable Offer
This deadline marks the date that the Buyer can no longer cure after notice has been delivered by the Seller's that an acceptable offer has been made on the Property.
Key Considerations
Accepting the Second Offer
If the first buyer does not cure and the second offer is accepted, time is of the essence in ensuring the right paperwork is submitted and performance deadlines on the new contract are adhered.
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Meet the Author
Sarah Bates is a Transaction Coordinator with a strong foundation in real property transaction management and contract compliance. She holds a B.A. in English/Pre-Law from the University of Tennessee at Chattanooga and earned her Juris Doctorate from the Nashville School of Law, earning her the nickname of “a TC with a JD”.
She began her real estate journey as an Office Manager for a boutique brokerage, where she quickly applied her legal education and attention to detail to real estate transactions. In 2023, Sarah completed advanced professional training from the Transaction Coordinator Academy, solidifying her expertise in real estate transaction management.
Today, she serves as a Certified Transaction Coordinator at SmoothTC with five years experience in the industry, specializing in managing residential real estate contracts, deadlines, and compliance for real estate agents. Her legal education, combined with hands-on experience, makes her a trusted resource for agents seeking smooth, accurate, and efficient closings.
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