What is a right of first refusal?

A right of first refusal is a type of agreement in residential real estate law that gives one person the right to purchase a particular piece of property before anyone else. In Ohio, this type of agreement is commonly used to assign a right to a tenant before a landlord is allowed to sell the property to someone else. When a landlord receives an offer to purchase a rental property from someone other than the tenant, the tenant has the right of first refusal. This means that the tenant has the right to match the offer and purchase the property before the landlord can sell it to anyone else. If the tenant does not take this offer, then the landlord is allowed to move forward with the sale. A right of first refusal provides protect the tenant from being displaced by a sale without their knowledge and gives them the opportunity to purchase the property if they choose to do so.

Related FAQs

What is a restrictive covenant?
What is the difference between a fixed-rate and an adjustable-rate mortgage?
What is a pre-foreclosure sale?
What is a short refinance?
What is the difference between a title search and a title insurance policy?
What is the difference between a Listing Agreement and a Buyer Representation Agreement?
What is the difference between a real estate appraiser and an inspector?
What is a deed of trust?
How do I qualify for a mortgage loan?
What options do I have if I'm facing foreclosure?

What is a right of first refusal?

Related FAQs

Related Blog Posts