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pre-emption


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N.

The right of first refusal to purchase land in the event that the grantor of the right should decide to sell. For example, if A makes a covenant that for five years he will not sell his land other than to B at £5000, A cannot be forced to sell (compare option to purchase) but B's right of pre-emption prevents him from selling other than on the stated terms for five years. A right of pre-emption is valid only if it is sufficiently precise. A right of pre-emption created in registered land after 13 October 2003 is registrable as a restriction on the proprietorship register of the affected land.

Subjects: Law.


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