right of first refusal

right of first re·​fus·​al | \ -ri-ˈfyü-zəl \

Legal Definition of right of first refusal

: the right to have the first opportunity to purchase property upon the owner's decision to sell at the same terms offered by a third party or at predetermined terms

called also preemptive right

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Cite this Entry

“Right of first refusal.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/right%20of%20first%20refusal. Accessed 25 Oct. 2020.

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