what is a right of first refusal 
right of first refusal rofr also known as first right of refusal is a contractual right that someone has to match or decline to match an offer for an asset after other offers have been made the person who holds this right is entitled to enter a transaction before anyone else does if they decide not to enter the transaction the seller is free to entertain the other offers this is a popular clause among those who rent real estate because it gives them first crack at buying the properties they occupy it is also popular among venture capitalists looking for assurances that their investments will not be sold out from under them investopedia zoe hansen