right of first refusal

Definition of "right of first refusal"
  1. 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
How to use "right of first refusal" in a sentence
  1. The tenant exercised their right of first refusal to purchase the apartment from the landlord when it was put up for sale.
  2. The investor's right of first refusal enabled them to make an offer for the company before it was opened to other buyers.
  3. Under her right of first refusal, she was able to buy the property at the same price offered by another interested party.

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