If you aren't talking about giving a right of first refusal to an existing tenant, the potential buyer is asking you to encumber the potential sale of your property by asking you to allow him to step into the shoes of anyone who does negotiate a sales contract with you.
Now if this is an existing tenant, who has already signed a lease, why would you want to give him something of value without being paid for it. Particularly when this right of first refusal is very likely to get in the way of a future sale transaction. If you tell me that you have given someone a right of first refusal, I'm going to be very reluctant to negotiate to purchase your property. Why would I want to spend the time to negotiate a contract if someone else will have the right to take over my position in the deal? In summary, unless there is some very compelling reason to grant a right of first refusal, don't do it.
Oct 22, 2010