Definition of "First refusal"

Danielle Eliot real estate agent
Danielle Eliot, Real Estate Agent Better Homes & Gardens Metro Brokers

Same as term right of first refusal: Right of an individual to be offered something before it is offered to others. For example, a tenant whose apartment is going to be converted to a cooperative has the first right of refusal before the unit may be sold to others. The existing tenant is usually given a lower insider price.

 

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