Right of First Refusal (ROFR)
A right of first refusal is a contractual provision requiring the owner to offer the holder the first opportunity to purchase or lease the property before offering it to others. The ROFR typically triggers when the owner decides to transact (or receives a bona fide offer), and the holder may accept on the offered terms or decline.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Site acquisition; assemblage; disposition planning
- Property types
- Land; operating properties (including development-adjacent parcels)
In practice
ROFRs can materially affect timeline certainty and seller leverage because they can chill third-party bidding and complicate auction-style dispositions.
Read more in the Knowledge Base
- Condo Right of First Refusal RiskSellers
- Preventing Closing DelaysSellers
- Condo Purchase Package, Waiver, and Right-of-First-Refusal Mechanics in NYCBuyers
- Co-op vs. Condo Strategic DifferencesSellers
- Selling a Condop in NYC: Hybrid Structure, Board Rules, and Buyer ConfusionSellers
Related terms
Land and Site Acquisition
General information, not legal, tax or financial advice.