right of first refusal Finance Definition
A right that allows a person or a business to have
the first chance to purchase a property before the property is offered to the
public for sale. This may occur with a business tenant that is leasing office
space. The right of first refusal also occurs with condominium association
boards. They are allowed to deny a potential buyers application to purchase an
apartment in the building. However, although the condominium association can
keep a potential homeowner out, it can only do so if it is willing to purchase
the unit itself.
right of first refusal Law Definition
See refusal.
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