A right of first refusal typically applies to property that is?

A right of first refusal is a contractual agreement that gives a person or entity the option to purchase a property before the owner can sell it to someone else. This type of right typically applies to property that is not currently for sale.

The essence of a right of first refusal is to provide potential buyers with the chance to acquire the property before it is offered to the market. Therefore, a property that is not actively listed for sale can still have a right of first refusal attached to it, allowing the interested party a defined opportunity to make a purchase before any other offers are considered.

Considering the context of the other options, rental properties can also have tenants with rights of first refusal, but this does not universally apply. Properties in foreclosure are often subject to different rules and public notice, which could complicate a right of first refusal. Properties listed with a real estate agent are actively on the market and would not typically embody the scenario envisioned by a right of first refusal, as the owner is already engaging in a sales process.