First Refusal
Definition of "First refusal"
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.
Popular Real Estate Terms
The right to deviate from the use of land prescribed by an existing zoning ordinance. ...
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Governmental body having the responsibility for planning the future development of a jurisdictional area. A planning commission is responsible for developing and managing a zoning ordinance ...
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