About this document
This is a comprehensive legal document setting out the terms and conditions for a non-assignable and time-limited right of pre-emption over land.
A right of pre-emption is exercisable by the buyer, on the happening of a trigger event caused by the vendor - such as a decision to sell the land at all. A right of pre-emption is not as strong as a regular option - it is just the right of first refusal if the vendor decides to sell the land. If the vendor does not decide to sell in the pre-emption period, the prospective purchaser cannot force the vendor to sell. Compare this with a standard or regular option agreement, which is a right to buy within the option period, exercisable by the prospective purchaser at will.
It is suitable for a either a prospective purchaser or a landowner. The effect is that the purchaser will be given first refusal when the landowner decides to sell the land within a certain period agreed by the parties.
We have a similar pre-emption agreement, which is non-assignable here.
Application and features
- Sets out a clear and logical structure by which to grant and exercise a right of pre-emption over land
- Suitable for grants of most types of pre-emption;
- Written in plain English;
- Includes explanatory notes.
Contents:
