right of first refusal

right of first re·​fus·​al
-ri-ˈfyü-zəl
: the right to have the first opportunity to purchase property upon the owner's decision to sell at the same terms offered by a third party or at predetermined terms

called also preemptive right

Dictionary Entries Near right of first refusal

Cite this Entry

“Right of first refusal.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/right%20of%20first%20refusal. Accessed 5 Nov. 2024.

Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!