It is not uncommon for a tenant, especially in the commercial lease context, to ask for and obtain the right to purchase the leased premises from a landlord during the lease term.

One of the most prevalent of such contractual rights is known as a first right of refusal. Under such circumstances, the landlord may list and market the property for sale and, if the landlord obtains a bona fide offer from a third party, the tenant has the right to enter into a written agreement to purchase the leased premises under the same terms and conditions as the offer from the landlord.