A first right of refusal, also known as a "kick-out clause" is a way to protect the seller when the buyer has a significant contingency that is unusual, such as a home sale contingency. Below I'll be sharing the main form on the subject used in Hampton Roads (in addition to the main picture above) as well as when to use one.
When to Use a First Right of Refusal
Signing at Bottom
All images courtesy Real Estate Information Network