Definitions for "Right of First Refusal"
An owner of property does not bind himself/herself to sell under this agreement; rather, he/she promises another that, if she/he decides to sell at some future time, the promisee will receive the first chance to buy or the opportunity to match offers to purchase from third parties. Often included as a provision in leases.
A right sometimes given to a tenant to meet the price and terms at which the owner is willing to sell or lease the property to another party. The owner first must offer it to the holder of the right before a sale or lease can be made made to another. Unlike an option, the owner is not required to sell or lease.
A provision in an agreement that requires the owner of a property to offer the first opportunity to purchase a property before it is offered for sale to others.
Keywords:  rescission, redemption
Right of redemption Right of rescission
Keywords:  anybody, chance, something, buy
A right to buy something before anybody else has a chance to.
Keywords:  sought, asked, children, options, one
Right to be asked if one would like to have the children, before other options are sought.
Option granted to a not-for-profit sponsor to acquire the investor limited partner's partnership interest at the end of the 15-year tax credit compliance period.
Keywords:  weak, tool, land, protect, over
a very weak tool to protect land over time
Keywords:  second, sales, contract, mortgage
Sales Contract Second Mortgage