right of first refusal
First-buyer contractual privilege
A right of first refusal is a contractual privilege to match any offer before the owner can accept it from someone else.
A tenant with this right can buy the property at whatever price a third party offers: The lease includes a right of first refusal if the landlord decides to sell.
Common in real estate, publishing, and sports contracts.
- preemptionActing to prevent another's action
- optionAvailable course of action
- privilegeExclusive right or benefit
- exclusiveLimited to one group
- offerProposal to provide
agreement · property · real estate · fair market value · corporate law · purchase option · partnership agreement · real estate transaction · contract law · title transfer · land acquisition · legal entitlement · conveyance · bargaining power · mortgage agreement · shareholder agreement · drag along · tag along
- custodychild custody, joint custody, custody agreement, custody schedule, custody evaluation
- tenancytenant, tenancy, lease agreement, landlord, tenancies
- child custodychild custody, custody order, shared custody, sole custody, joint custody
- guaranteesguarantee, warranty, guaranty, pledge, oath
- renewalsrenewal date, renewal fee, renewal notice, renewal option, renewal period
- exit strategiesIPO, acquisition, merger, buyout, liquidation
right, rights, rightly, rightful, rightfully, righteous, righteousness, first, firstly