right of first refusal
- A legal privilege that gives an individual or entity priority to buy a property when the owner decides to sell. This purchase would either be made under the same terms as a potential third party, or pre-agreed-upon conditions
- The tenant exercised their right of first refusal to purchase the apartment from the landlord when it was put up for sale.
- The investor's right of first refusal enabled them to make an offer for the company before it was opened to other buyers.
- Under her right of first refusal, she was able to buy the property at the same price offered by another interested party.