What is a right of first refusal?

A right of first refusal is a real estate law term that is used in the state of Florida. It is a contractual right that gives a potential buyer the chance to be the first to purchase a property if it ever comes on the market. If the seller decides to sell their property, they must first offer it to the potential buyer with the right of first refusal before they can sell it to any other party. This right can be beneficial for potential buyers who want to be the first to know about a property and to have the chance to purchase it before anyone else. It may also offer some protection to a potential buyer, as the seller must offer the property to them first, rather than to any other interested parties. It is important to note that if the potential buyer with the right of first refusal does not accept the offer, the seller is then free to sell the property to any other interested parties. The right of first refusal is also not applicable to all properties; it only applies if it is included in a contract between the seller and potential buyer. If the contract does not include a right of first refusal, then the seller is free to sell to any interested parties without having to offer the property to the potential buyer first.

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What is a right of first refusal?

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