right of first refusal

Definitions

Construction

  • The right to purchase an interest in real property if its owner decides to sell. In contracts to an option, the holder of a right of first refusal does not have the unqualified choice to buy or not to buy.

Law

  • noun the right to make an offer to buy a property after other others have been submitted and with the knowledge of the value of those other offers
http://www.dictionarycentral.com/definition/right-of-first-refusal.html