Definition
A contractual right to match a third party's offer before a property may be sold to that party.
Example
The tenant's right of first refusal delayed the sale while the 30-day match period ran.
Related terms
- Abstract of Title
- Adverse Possession
- Affidavit of Title
- Certificate of Occupancy
- Chain of Title
- Cloud on Title
Frequently asked questions
What does Right of First Refusal mean in real estate?
A contractual right to match a third party's offer before a property may be sold to that party.
How is Right of First Refusal used in practice?
The tenant's right of first refusal delayed the sale while the 30-day match period ran.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.