Agricultural Economics, Department of
Date of this Version
7-22-2025
Document Type
Article
Citation
Groskopf, J. “Navigating Farm Succession Without a Family Heir: Right of First Offer and Right of First Refusal,” CAP Series 25-0704, Center for Agricultural Profitability, University of Nebraska-Lincoln, July 22, 2025. DOI: 10.32873/unl.dc.cap073.
Abstract
As discussed in the previous article, using an option to buy agreement can unintentionally force your heirs to sell property, which may not be your intent. Instead, you might prefer to offer someone the chance to buy only if your heirs choose to sell. These types of arrangements are known as preemptive rights, and they come in two main forms: Right of First Offer and Right of First Refusal. This article explores both in more detail.