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What's a Right of First Refusal and Why Should You Care?
In real estate, a right of first refusal is a contractual right that gives the holder the option to purchase a specified property when the owner decides to sell.  This right of first refusal is usually written up by a lawyer, and the terms are agreed upon by the owner of the property and the holder of the right of first refusal.  A right of first refusal may be used in a variety of situations.    Recently, a client of mine inquired about obtaining a right of first refusal on his neighbor’s vacant lot.  He was potentially interested in purchasing the lot, and if the owner was going to sell the lot, he wanted the first opportunity to do so.  In this way, he could control his own personal quality of life.  If someone else was going to buy the lot and build a massive home that would encroach upon his sense of privacy, he could exercise his right of first refusal and purchase the lot. 
You also may see the right of first refusal used between a landlord and his tenant.  If the tenant likes the home, and would someday like to purchase the property, he may seek a right of first refusal to secure this option. 
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