First right of refusal?

[investinAK]

In the thread I started about the house my friend had for sale...Karen mentioned that I should retain the first right of refusal...what is this? :cp_help:

[Luci Marcum]

This is the first time I have heard this terminology (so of course I had to look it up :biggrin: ). What I found for the definition was:
An agreement by an owner to give another party an opportunity to buy the property before it is offered to anyone else.

Hope this is what you are looking for:).

[Dan Auito]

This is the first time I have heard this terminology (so of course I had to look it up :biggrin: ). What I found for the definition was:
An agreement by an owner to give another party an opportunity to buy the property before it is offered to anyone else.

Hope this is what you are looking for:).
In truth the first right of refusal allows you to match a bonified (qualified offer) so let's say you have the first right and someone in the meantime comes along and puts an offer on the property, the seller can take that offer only after they have given you the first chance to purchase the property at that price, if you decline then you obviously have refused and the seller can then sell to that buyer.

[investinAK]

Ok! I think I get it now! Thanks guys! :)