Some real estate contracts may include a right of first refusal (ROFR). ROFR grants an interested party—such as a potential home buyer or a company leasing commercial space—the right to be considered to lease or purchase a property before anyone else. It has a number of ramifications for buyers, sellers, and renters, both positive and negative.
Right of First Refusal in Real Estate
When a party has right of first refusal to a piece of property, the owner of that property must give them an opportunity to purchase or lease it before considering other offers.