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.

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