19:43
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Simple English definitions for legal terms
right of preemption
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A quick definition of right of preemption:
The right of preemption is when someone has the first chance to buy something if the owner decides to sell it. This means that if the owner wants to sell, they have to offer it to the person with the right of preemption first, and at a set price. If the person with the right of preemption doesn't want to buy it, then the owner can sell it to someone else. It's like having first dibs on something you really want to buy.
A more thorough explanation:
The right of preemption is a contractual agreement that gives a potential buyer the first opportunity to purchase a property at a specified price if the seller decides to sell within a certain period of time.
For example, let's say that John has a right of preemption on Jane's house for three years at $200,000. If Jane decides to sell her house within those three years, she must offer it to John first at the agreed-upon price of $200,000. John can then choose to buy the house or decline the offer. If he declines, Jane can sell the house to someone else.
This right is also known as the first option to buy and is different from the right of first refusal. The right of first refusal gives the potential buyer the right to match any offer made by another buyer, while the right of preemption gives the potential buyer the first opportunity to buy at a specified price.
Overall, the right of preemption is a useful tool for potential buyers who want to secure their ability to purchase a property at a specific price within a certain timeframe.