Legal & ownership
Right of First Refusal
A clause giving the current tenant/investor first opportunity to buy or extend before third parties.
Right of First Refusal (ROFR) gives an existing tenant or leaseholder the first chance to match an offer before the property is sold or re-leased to someone else.
For long-term residents and leasehold investors, this clause can protect sunk investment in fit-out, branding, and local operations.
To be effective, ROFR wording should define notice period, offer format, response window, and what happens if terms are disputed.
See also: Knowledge base