How does Ohio law treat a "right of first refusal" in real estate transactions?

In Ohio, a "right of first refusal" provides the holder with the priority to purchase a property before the owner is permitted to sell it to another party. This means that if the property owner decides to sell the property, the holder of the right of first refusal has the first opportunity to buy it under the same terms offered by a third party. This legal concept is significant because it gives the holder a potentially advantageous position in real estate transactions, allowing them to secure the property without competitive bidding from other buyers.

This priority is inherently tied to the contractual agreement between the parties involved, which outlines the terms under which the holder can exercise their right. While a right of first refusal does need to be clearly defined in a written agreement to ensure enforceability, the option itself provides the holder with legitimate rights in the transaction process, reinforcing why this choice accurately reflects Ohio law regarding such rights.