first right to purchase
A right of first purchase can be a right of first offer, a right of first negotiation, a right of first refusal or a combination of these rights. A right of first offer requires the owners to offer the property, on terms of their choosing, to the person who holds the right (called the âholderâ or âgranteeâ) before offering the property to others.
A right of first purchase gives a potential purchaser the opportunity to purchase before a property is sold to another. It can be a right of first offer...