What is a right of first refusal?

A right of first refusal is a real estate law concept that allows a person (or entity) the option to "refuse" any offer made by a third-party for the purchase or lease of a property. This right is given to individuals or entities who have already established an interest in the property prior to the offer being made. In South Carolina, a right of first refusal is an enforceable legal right that prevents the owner from selling or leasing the property to a third-party without first offering the right to the individual or entity with the established interest in the property. The individual or entity can then exercise their right of first refusal to purchase or lease the property instead. The right of first refusal can also be extended to other family members or heirs of the individual or entity with the established interest in the property. It is important to note that a right of first refusal is not the same as a right of first offer or a right of first opportunity.

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What is a right of first refusal?

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