What is a right of first refusal?

A right of first refusal is a legal term that pertains to property law in the state of Florida. It refers to a situation in which one party is granted the opportunity to buy or lease a property before anyone else can. This generally happens when a property owner has received an offer to either buy or lease the property from a third party. The owner then has the option to give the other party the right of first refusal. This means that the other party has the right to match the offer and then have the chance to purchase or lease the property before any other party. Essentially, the right of first refusal means that the owner of the property has the chance to negotiate with the other party and reach an agreement before a third party steps in. This right is usually written into either a contract or a deed and protects the rights of the party who has the right of first refusal. In Florida, the right of first refusal can be used to negotiate a better deal than what has been offered or to prevent possible competition from a third party who could drive up the price of the property.

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What is a right of first refusal?

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