What is the term for a person's right to have the first opportunity to purchase or lease a property?

The term "Right of first refusal" refers to a legal right that gives a person the opportunity to enter into a transaction for a property before the owner can offer it to anyone else. This type of agreement allows the individual to match any offer that the owner receives from a third party. It typically comes into play when the property owner decides to sell or lease the property, ensuring that the holder of this right has the first chance to negotiate before the owner engages with other potential buyers or tenants.

This concept is particularly important in real estate transactions as it protects the interests of parties who have a vested interest in the property, allowing them to maintain a level of control over the future of the property. It can be beneficial in situations where a tenant wishes to purchase a rental property when the landlord decides to sell.

In contrast, the other terms listed do not accurately describe this specific legal right. "Right of first offer" enables a party to be the first one approached by the seller with an offer to negotiate before it is taken to a wider market. "Right of first chance" is not a standard term used in real estate. "Right of first claim" is also not recognized in this context and may refer instead to rights related to claims or priority in other