Right of First Refusal
"Is right of first refusal recognized for real estate?"
Quick Answer
A contractual right requiring a shareholder who wishes to sell their shares to a third party to first offer those shares to existing shareholders on the exact same terms.
Scope and Legal Distinctions
A right of first refusal normally allows its holder to respond to a proposed third-party transaction under agreed conditions. Its exact effect depends on the instrument and asset.
What to Check in Practice
Define what triggers notice, the disclosed terms, response deadline and completion; distinguish contractual rights from statutory pre-emption.
Sources & Authorities
Statutory framework and official guidance for this definition.
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