Right of First Refusal

Importance: 0.57

Is a company: no

Is a proper noun: no

Definition of Right of First Refusal

  1. 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

  • 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.
  • Bundle of Rights Definition,
    • A set of legal rights that an owner has regarding a property.
  • 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.
  • 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
  • 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.
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