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Right of First offer
Right of first offer describes the right of a tenant to be given the first option to buy a property when the owner decides to sell it. For example, the issue of right to first offer may come up is if a tenant has been leasing a home for a few years and likes the property. The tenant advises the owner of their interest in buying the property if he or she decides to sell, and the owner agrees to give the tenant the right to first offer. Before the owner places the home on the market, he or she allows the tenant to be the first person to submit an offer on the home. The right to first offer can be a good scenario for both the buyer and the tenant because it can lead to a quick and easy sale.