Right of First Refusal
A ROFR gives a landlord, franchisor, or partner the right to match a signed offer before the sale can close.
Last updated September 5, 2026
A right of first refusal (ROFR) can sit in a lease, franchise agreement, operating agreement, or buy-sell among owners. It typically gives the holder a window to buy on the same terms as the third-party offer. That window can delay closing or scare lenders if it is open-ended. Ask for copies of every contract that might contain a ROFR before the LOI exclusivity clock runs.