What is a right of first refusal?

A right of first refusal (sometimes also referred to as a preemptive right) is a legal right granted to a specific party that allows them to purchase a property or an interest in a property before it is offered to any other party. In Florida, a right of first refusal is most commonly seen in residential real estate law. The right grants a party the right to be the first to match an offer on a property, giving them a chance to purchase the property before it is offered to anyone else. In most cases, the right of first refusal is written into the contract between the buyer and seller, and will include the details of the sale and the terms of the right of first refusal. The right of first refusal typically grants the party the right to purchase the property at the same terms that are offered to any other interested party. For example, if a third party offers to buy the property for a certain amount, the holder of the right of first refusal has the right to match the offer and purchase the property before anyone else. In some cases, the right of first refusal may be granted to a party by the government or other entities, such as in the case of public lands or mineral rights. This type of right of first refusal is known as an easement. This type of right often grants the holder access to the land, so that they can use it for certain purposes, such as hunting or fishing. In such cases, the holder of the right of first refusal may be granted exclusive use of the land for the agreed-upon terms.

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What is a right of first refusal?

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