right of preemption

right of preemption. A potential buyer’s contractual right to have the first opportunity to buy, at a specified price, if the seller chooses to sell within the contracted period. • For example, if Beth has a right of preemption on Sam’s house for five years at $100,000, Sam can either keep the house for five years (in which case Beth’s right expires) or, if he wishes to sell during those five years, offer the house to Beth, who can either buy it for $100,000 or refuse to buy, but if she refuses, Sam can sell to someone else. — Also termed first option to buy. Cf. RIGHT OF FIRST REFUSAL. [Cases: Contracts 16; Sales 24; Vendor and Purchaser 18(.5). C.J.S. Contracts §§ 37–41, 44, 46, 55–56, 58; Sales §§ 41–42; Vendor and Purchaser §§ 98–100, 103–106, 115–116.]
专业法律词汇 词条贡献者
资深译员Lorna,毕业于一所培养高级翻译以及跨文化事务专家的精英大学,专注翻译各种与房地产投资信托有关的法律文件。
Scroll to Top