A right of first refusal (ROFR) is a tenant’s right to match a third-party offer before the owner can sell to that buyer.
A ROFR can make a property harder to sell, because buyers may be reluctant to spend time and money knowing a tenant could step in. The lease sets out how long the tenant has to respond, whether it must match all terms, and whether it applies to every sale or just the first. Buyers should ask for the ROFR terms early, and confirm whether the tenant has waived it for the current transaction before committing resources.