Right Of First Refusal

Definition of "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.

Search Real Estate Glossary

Related Real Estate Glossary terms

Insurance Guaranty Act

Law, in several states, establishing a fund to guarantee benefits under policies issued by insurance ...

Strip Lumber

Lumber of no more than 8 inches wide and 2 inches thick. ...

Liabilities: Life Insurance Companies

Future benefits to be paid to the policyholders and beneficiaries, assigned surpluses, and miscellan ...

Rule Against Perpetuities

Time limit on the deferred ownership of property such that, 21 years after the property owner dies, ...

Loan Value

Amount that a policyowner can borrow from a cash value of a permanent life insurance policy. ...

Stair Landing

The landing at the bottom and/or top of a stair case providing support for the structure. ...

Related Real Estate FAQ

What Are My Coverage Options?

Our agents have a wide range of coverages available, as well as an array of choices for limits and d ...

What Is A Good Faith Estimate?

A Good Faith Estimate is when a lender must give a prospective homebuyer a written estimate of closi ...

Why Should I Use A Real Estate Agent?

A real estate agent is more than just a \"sales person.\" They act on your behalf as your agent, pr ...

What Is A Seller Takeback?

A seller takeback is a type of financing in which the seller arranges for the financing on a propert ...

What Is An Overall Debt Ratio?

An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-t ...

What Is A Closing?

The process of finalizing all the dealing associated with the sale and purchase of a home. (Also kno ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Short Sale Homes What is Escrow and how does it Work? 5 signs of house foundation problems 3 tips to ensure your sale goes through How To Choose A Realtor

FAQ

What do I need to know about Individual Health Insurance? What is a mortgage? What is an overall debt ratio? What is the difference between a real estate broker and a real estate agent? What do I need to know about Watercraft Insurance?