Definition of Right of Refusal (First):

Right of Refusal/First Refusal Orange County:

When you see a listing with the status "Right of Refusal (First)," the seller has made a prior arrangement with a buyer, who will be given the chance to match any subsequent offers. This is sometimes done when buyers must first sell their present home before they can buy the seller's home – or a contingency sale. This is not uncommon in Orange County.

Here is a good working example:

Grant wants to buy Sydney's Coto De Caza home, but needs to sell his own home in Laguna Hills first. Grant makes an offer to Sydney which includes a contingency that allows him to back out of the deal if he cannot sell his home. Meanwhile, Sydney is able to solicit offers from other buyers. If Greg makes an offer on Sydney's home, she must give Grant the chance to buy the home under the same terms offered by Harris. If Grant can't or won't match the offer, Harris can buy the home from Sydney.


Home | A| B| C| D| E| F| G| H| I| J| K| L| M| N| O| P| Q| R| S| T| U| V| W| X| Y| Z