What Is Right of First Refusal?
A right of first refusal gives a specific party — often a tenant, co-owner, or neighbor — the option to match any offer a seller receives before the seller can sell to someone else.
Why it matters
It can slow down a sale, since the seller typically must wait for the rights-holder to respond before proceeding with another buyer.
Related Terms
This definition is provided for general educational purposes and is not financial, legal, tax, or real estate advice. Verify important decisions with appropriately qualified professionals.
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