What is the term associated with this old real estate agreement my grandma told us about

What is the term associated with this old real estate agreement my grandma told us about

My grandmother worked in real estate for most of her adult life. My mom was telling me that there was a way to have an agreement with someone who may sell their property in the future and you can give them as little as a dollar. The dollar shows that money has changed hands around the agreement. The agreement essentially means that if the person decides to sell they have to allow you to decide if you would like to make an offer before they try to sell it to anyone else.

Anyone have any idea what this is called or any details about it so I can further look into this?

Edit: forgot to add my location. Southern Oregon, US

Edit: Thank you guys! First right of refusal sounds like exactly the term I was looking for.



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