Vorkaufs

Vorkauf (often spoken as Vorkaufsrecht) refers to the right of first refusal to purchase a defined asset before it is offered to others. It can be granted contractually or by statute and is commonly encountered in real estate, corporate shares, or land transactions.

In practice, a Vorkaufsrecht gives the holder the option to buy the asset on the same terms as the prospective third-party offer. When the owner intends to sell or transfer, they must inform the holder and present the offer details, including price and conditions. The holder typically has a set period to decide whether to exercise the right. If exercised, the sale proceeds to the holder under the stated terms; if not, the owner may sell to the third party, usually under terms no more favorable to the buyer than those offered to the holder.

Common contexts include property transactions (such as rental buildings or co-owned properties), where tenants or co-owners obtain a priority to purchase, and statutory rights held by municipalities or public authorities to shape land use or preserve community goals. Vorkaufsrechte can also appear in corporate or agricultural settings, where shares or land parcels are subject to pre-emption.

Limitations and practical notes include that rights are often time-bound, asset-specific, and non-transferable or only transferable under defined conditions. They may be waived by the holder or expire upon certain events. The exact scope, procedures, and consequences depend on the governing contract or applicable law in the jurisdiction.