What is a right of first refusal?

A right of first refusal is a legal agreement which allows a party to purchase a piece of property or other asset before it is offered to the public. This right is often included in a contract for the sale or lease of the property. In North Carolina, a right of first refusal gives the party the right to purchase the asset before it is offered to any other potential buyers or lessees. The right of first refusal is often seen in real estate transactions, where a buyer or lessee has the right to purchase the property before it is offered for sale to anyone else. The right is typically granted by the seller of the property, and it ensures that the buyer or lessee has the opportunity to purchase the property before it is available to those who may be willing to pay more. This prevents the seller from finding a buyer with deeper pockets. The right of first refusal is also seen in other states and can be very beneficial to the purchaser or lessee. It allows potential buyers and lessees to have the first chance to purchase a property before it is offered to the public, which can give them an edge. The right of first refusal is an important right that should be included in any contract that involves the sale or lease of a piece of property in North Carolina.

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