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3.17 Options and Rights of First Refusal

Standard

When a lawyer conducts a title search and identifies an option or right of first refusal, the lawyer must determine if the option or right of first refusal is still applicable. If the option or right of first refusal is still applicable, the Lawyer should consider how the option or right of first refusal can be exercised, and how it can be released.

A lawyer who drafts an option or right of first refusal should set out in the document how the option or right of first refusal can be exercised, and how it can be released or terminated.


Footnotes

  1. P.M. Perell, “Options, Rights of Repurchase and Rights of First Refusal as Contracts and as Interests in Land” (1991), 70 Can. Bar Rev.1
  2. Standard 1.5 - Documentation of Advice and Instruction

Additional Resources

Revised by Council on September 25, 2020