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Definition of 'Right Of First Refusal'
In general, the right of a person or company to purchase something before the offering is made available to others.
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Investopedia explains 'Right Of First Refusal'
For example, a football team may have the right of first refusal on a player's contract. This would mean they can make the first offer, or perhaps even match other offers, before the player signs with another team. This term is also used frequently in real estate transactions.
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Search and compare the best fixed and adjustable mortgage rates in your area with Bankrate.com.
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If you're interested in the real estate game, make sure you know what factors will affect whether you make money or not.
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