Right of First Refusal
- An agreement made by a property owner which gives a specific buyer the opportunity to purchase the property before it is offered to anyone else.
Related Terms and Acronyms
- Bundle of Rights — Definition,
- A set of legal rights that an owner has regarding a property.
- Captive Agent — Definition,
- An insurance agent who uses a limited number of insurance companies, or a single insurance company, when finding products for their clients.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Lease Option — Definition,
- A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
- Option — Definition,
- A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
- Purchase Agreement — Definition,
- A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.