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| right of first re·fus·al (plural rights of first re·fus·al) |
noun |
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1. privilege of preempting transaction: a privilege somebody has to prevent a transaction, typically a sale, lease, or sublease, by agreeing to stand in the place of one party, often the buyer or lessee. Often a condominium's or cooperative's board of directors has this right.
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2. right to buy something first: the right to decide whether or not to buy something before it is offered to other potential buyers
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