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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.

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MrThickRopes
16:01
Fo pm betray me again
noreaster
16:02
mr ropes go public
DefinitelyRobbingBanks
16:13
Ropes used to be public and then got made fun of too hard and hid their stats.
DefinitelyRobbingBanks
16:13
Real ones know ropes stats and schools anyway
16:13
Hello frens. Got a fresh haircut and feelin like a 'BAMA admit, you feel me?
DefinitelyRobbingBanks
16:14
How did you get that cut? Go in and say "Gimme something my sister thinks is hot"?
16:15
💀💀
16:16
tldr, got a modern mullet
DefinitelyRobbingBanks
16:17
Ahhh, the ol "Sister Fister" cut
DefinitelyRobbingBanks
16:17
I dig it
i feel inspired to get a mullet before i have to be all professional in school
17:04
Have you seen the hairstyles of our 'Founding Fathers'? A mullet is quite dashing compared to their swag
fair point
17:14
not enough green on the recent decisions tab
17:14
sad
today was brutal, definitely not good friday vibes
18:09
nope
obamna
@KateM: did u fr get into the U today
When will it be my turn
@hcarralero2205: nooooooo
oh no UT wave?? stress
FOrLaw
18:46
anyone have any speculation on 4/14 ACL NYU people...
FOrLaw
18:46
I know there was a wave of WL/R yesterday
oh no people are getting into the U getting into the U
noreaster
18:53
4/14 ACL? Like 4 days ago? I guess they’re actively considering you
To be totally honest, us 4/14 people are probably slated for the big R wave at the end of the month lol.
I'm very happy for everyone admitted to the U *intense sobbing*
oh yeah I meant 2/14, the first ACL
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