Right Of First Refusal


Definition of "Right of first refusal"

Chevon King real estate agent
Chevon King, Real Estate Agent Chinowth & Cohen REALTORS

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.

Have a question or comment?
We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 
 

 

Popular Real Estate Terms

Popular Real Estate Questions