Right Of First Refusal


Definition of "Right of first refusal"

Cameron Johnson real estate agent
Cameron Johnson, Real Estate Agent Exp Realty Llc

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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