right of first refusal

Advanced 🏠 Real Estate

Definition

A contractual right giving someone the first opportunity to purchase a property before the owner can sell to others. It's like a permanent dibs on real estate.

Example Usage

The tenant has right of first refusal, so we can't even officially list until we offer it to him at whatever price we want.

Origin

Contract law principle dating back to medieval property rights

Fun Fact

Rights of first refusal can make properties nearly unsellable if the holder won't commit but won't release the right either.

Source: Real estate law and contract terminology

Related Terms

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spiv

A flashy wheeler-dealer who's allergic to honest work, preferring to make money through shady speculation and questionable schemes. Think of that guy with gold chains who's been bankrupt three times but somehow still drives a Mercedes—registered in his wife's name, of course.

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covenant

A legally binding promise or restriction in a deed governing how property can be used, often imposed by developers to maintain neighborhood character. It's your neighbor's legal standing to care way too much about your fence height.

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fixture

Personal property that has been permanently attached to real estate and legally becomes part of the property. The eternal battleground of what stays and what goes when you sell.

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Price Point

A fancier way of saying "price" that makes real estate agents feel like they're doing economics instead of sales. It adds absolutely nothing to the conversation except an extra word and a sense of sophistication.

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comparable sales

Recently sold properties similar to yours that allegedly determine your home's value, though somehow the appraiser always picks the worst examples when you're selling and the best when you're buying. It's objective data filtered through suspiciously convenient selection.

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quit claim deed

A deed transferring whatever interest the grantor has in property, if any, with zero warranties or guarantees. The 'I might own this, I might not, good luck!' document of real estate transfers.

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