A
pre-emption right, or
right of pre-emption, is a contractual
right to acquire certain
property newly coming into existence before it can be offered to any other person or entity. Also called a "first option to buy." It comes from the Latin verb
emo, emere, emi, emptum, to buy or purchase, plus the inseparable preposition
pre, before. A right to acquire existing property in preference to any other person is usually referred to as a
right of first refusal.