In real estate, a right of first refusal (ROFR) is a contractual right that allows a specific party to purchase a property before the owner can sell it to anyone else. Essentially, if the owner decides to sell, they must first offer the property to the ROFR holder on the same terms as a potential third-party buyer. The holder can then choose to accept the offer and buy the property, or decline, allowing the owner to proceed with the sale to the third party.
