Right of First Refusal Agreement

The right of first refusal is a contractual condition or right that gives the holder the option to enter a business transaction with the owner of something, according to the specified terms, before the owner is entitled to enter into that transaction with another (third) party. A ROFR can cover for example an asset, including real estate, personal property, a patent or license, a play, or an interest in a business. It might also cover transactions that are not strictly assets, but for example, rights to enter into a joint venture or distribution arrangement. In real estate, a right of first refusal would create a situation for a tenant to take better care of their leased apartment in case the opportunity to purchase arises in the future. Only if the holder turns it down may the owner then shop it around to other parties.

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