Right of First Refusal

The Right of First Refusal is a legal agreement giving a person or entity the opportunity to purchase a property or asset before the owner offers it to others. If the owner decides to sell, they must first offer it to the holder of this right under the same terms. If the holder declines, the owner can then sell to someone else. This arrangement is often used in leases, real estate, or business contexts to protect interests or maintain control over future transactions.