right of pre-emption

right of pre-emption
Also known as a right of first refusal. This is the right to be offered a property first, should the owner decide to dispose of it. Such a right may be agreed expressly between parties, or it may arise under statute.
A right of pre-emption will usually relate to a freehold sale, but sometimes gives the holder of the right the opportunity to take a lease of premises when and if the owner decides to let them.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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Look at other dictionaries:

  • right of pre-emption — See pre emption …   Ballentine's law dictionary

  • Pre-emption right — A pre emption right is a right to acquire certain property in preference to any other person. It usually refers to property newly coming into existence. A right to acquire existing property in preference to any other person is usually referred to …   Wikipedia

  • pre-emption law — pre|emp|tion or pre emp|tion «pree EHMP shuhn», noun. 1. U.S. and Canada. the act or right of purchasing before others or in preference to others: »It is neither right nor legal that Mr. Hardy s preemption should gobble up over 250 acres of hay… …   Useful english dictionary

  • pre-emption rights — Where a company proposes to issue new shares, existing shareholders may have the right to be offered a pro rata part of the new shares before they are offered to a new shareholder. The rights are contained either in the Articles of Association or …   Law dictionary

  • pre-emption — (n.) also preemption, c.1600, lit. the right of purchasing before others, from PRE (Cf. pre ) before + EMPTION (Cf. emption) …   Etymology dictionary

  • pre-emption — 1. the right of buying before anyone else. 2. in international law, the right of a state to buy the property of another power in transit over its territory (or allow its own nationals to buy it). 3. in the USA, laws passed from 1841 onward… …   Law dictionary

  • pre-emption rights — When a UK company issues new shares, it is obliged by law to give existing shareholders the opportunity to purchase the new shares on a pro rata basis to their existing shareholding in the company. This right is usually implemented by means of a… …   Financial and business terms

  • pre-emption — noun 1》 the purchase of goods or shares by one person or party before the opportunity is offered to others.     ↘historical, chiefly N. Amer. & Austral./NZ the right to purchase public land in this way. 2》 the action of pre empting or… …   English new terms dictionary

  • pre-emption — /pri ˈɛmpʃən/ (say pree empshuhn) noun the act or right of purchasing before or in preference to others. {pre + Latin emptio a buying} …  

  • pre-emption — First refusal: the right of a person to be the first to be asked if he or she wishes to enter into an agreement at a specified price; for example, the right to be offered a house at a price acceptable to the vendor before it is put on the open… …   Big dictionary of business and management

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