Right Of First Refusal at Real Estate Glossary

What is it? An agreement by a property owner to give another person the right to buy or rent the property before it goes on the open market.

Real Estate Definition Added By: Abigail

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Other Similar Real Estate Terms:

Real Estate Term Leverage is The use of a small amount of cash--a 5 percent or 10 percent down payment--to buy a piece of property.

Real Estate Term Title insurance is A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property.

Real Estate Term Commercial Real Estate/Property is A classification of real estate that includes income-producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores. Public accommodations.

Real Estate Term Holder In Due Course is The holder of a negotiable instrument (check or note) purchased for value when the instrument appears complete and regular on its face; is taken before its due date and without notice of previous dishonor; and the holder has no notice of any defects in ti

Real Estate Term Separate Property is Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance after the marriage or purchased with separate funds after the marriage. (See community property)