What type of clause in a property lease gives the tenant the first option to purchase the property in case of sale?

The term that describes a clause in a property lease giving the tenant the first option to purchase the property in case of a sale is known as the Right of First Refusal. This type of clause allows tenants the opportunity to buy the property before the owner can sell it to another potential buyer. It ensures that tenants have a chance to secure ownership of the property they are leasing, which can be an attractive option for individuals who have invested time and resources into making the space their own.

In a Right of First Refusal situation, the landlord is typically required to inform the tenant of any offers received from other buyers, giving the tenant the opportunity to match that offer or decide to purchase the property at the same price. This arrangement can add a layer of security for tenants, as they can negotiate or make financial arrangements knowing the property might become available to them.

The other options describe different scenarios or agreements that do not specifically capture the essence of the clause meant to give tenants the first chance to buy. A Lease Option Agreement, while related, is a distinct contract that allows tenants to purchase the property at a specific price but does not inherently provide them with the first refusal right in the same manner. A Tenant Purchase Clause may imply similar rights but is not a standard