What is a right of first refusal?

A right of first refusal is a legal right that allows an individual or entity to have the first opportunity to purchase a property that has been offered for sale. This right is commonly found in real estate law in Washington and other states. Essentially, a right of first refusal gives the holder of the right the ability to step in and purchase the property before any other potential buyers. This right gives the holder the option to purchase the property at the same price and terms offered to any other potential buyer. If the holder of the right does not exercise the right, only then can the property be sold to someone else. The right of first refusal is an important legal concept, as it helps protect the holder from unknowingly being outbid or losing an opportunity to purchase a property. It is especially important in Washington, where real estate prices can vary greatly. Having a right of first refusal means you are given an opportunity to purchase the property without having to worry about others outbidding you.

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What is a right of first refusal?

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