right of first refusal - Investment & 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 buyer’s 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.