What does "first right of refusal" mean?

[dmalbone]

I was interested in purchasing a horse, but my barn building got delayed and now my father is in the hospital. Because of this, the new horse funds just got a little delayed. I let the lady know that I will just have to hope he's still around in August because I would not be ready until then. She let me know that the owner is willing to give me "first right of refusal through August" and I guess I don't really know exactly what that means. Can anyone be so kind as to explain it to me? :D Are there particulars I should clarify with the seller?

[rainechyldes]

In this scenario, I'll guess that the horse is probably going to still be up for sale, but if they get an offer from someone else, they will contact you first, giving you the option to come pay for the horse, rather then selling it to the second person.

It's more commonly used by sellers who hae sold a horse to a buyer, and ask for 1st refusal (meaning if the buyer resells the horse they contact the previous owner, and say (I'm selling this horse, do you want to purchase him/her back- before they market it)

[MagicRoseFarm]

it means that if you look at the horse and are interested, but the only impairment is the time frame, that they will basically hold the horse for you.

If u truly are interested and ask for first right of refusal, should someone else comes along ( before August) who is also interested, they will contact you and allow you to purchase the horse first, or you can choose to let the horse go to the next person, if your situation is still not suitable at that point.

[Nes]

Be cautious if a phantom new buyer who wants to pay more money then you comes along. Stick to your guns and don't pay more then the horse is worth.

[dmalbone]

Thanks so much. Definitely won't have a problem with a phantom new buyer. Either I buy him at the asking price or I don't buy him at all! I set a firm budget and I'm sticking to it. I like him but there are plenty of fish in the sea! I'm a big believer in "if it's meant to be, it'll be".

[avezan]

That's quite nice of the owner to offer you first right of refusal. Basically, she will keep the horse advertised, but if someone comes and makes an offer, she will see if you want to buy the horse then and there. So, she is offering you the right to be the first to say no, I can't buy the horse now. We are leasing a building now, which the owner has for sale. We don't really want to buy it now, so we have the right of first refusal. If he does find a legitimate buyer, we need to put up or shut up. ;) Good luck. I hope your father gets better soon, and the horse is still available when you have the funds available.