Each gives someone a preferential position in a future transfer, and each constrains the owner differently.

Option to purchase. The holder may buy at a stated price during a stated period, whether or not the owner wants to sell. It is the strongest right and the most restrictive on the owner. Price mechanism, exercise notice and closing mechanics must all be specified.

Right of first refusal. Passive until the owner receives an offer it is prepared to accept, at which point the holder may match. It depresses marketability, because third parties are reluctant to negotiate knowing they may be used as a stalking horse. Drafting should address what constitutes a triggering offer, the response period, whether the match must be on identical terms including non-cash consideration, and what happens if the deal with the third party changes materially.

Right of first offer. The owner must present terms to the holder before marketing. If the holder declines, the owner may sell to anyone on terms no more favorable than those offered, usually within a window. Sellers prefer this; it preserves marketability.

Recording and duration. All three should be recorded or noticed to bind successors, and all should have express termination provisions. Perpetual rights raise rule against perpetuities issues in some states.