google bot detected Right Of First Refusal | Real Estate Glossary |

Right Of First Refusal

Definition of "Right of first refusal"

Lisa McMillion
  Allen Tate Company

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.

Related Real Estate Glossary terms

Related Real Estate FAQ