Real Estate Glossary

What is Right of First offer?

A Right of First Offer (ROFO) is a legal agreement that gives one party the right to be the first one to be offered the opportunity to purchase a property, before it is offered to others. This agreement can be between two parties, for example, the owner of a property and a potential buyer, or between a landlord and a tenant, in which the tenant has the right to purchase the property before it is offered to others.