varuõigselt

Varuõigselt is an Estonian legal term that translates to "right of pre-emption" or "right of first refusal" in English. It refers to a legal right that gives a specific party the first opportunity to purchase a property or asset when it is offered for sale. This right is typically established by law, contract, or a will.

The holder of the varuõigselt has the legal standing to step in and purchase the property under the same terms and conditions offered to any other potential buyer. If the owner decides to sell, they must first offer the property to the varuõigselt holder. The holder then has a specified period to decide whether to exercise their right. If they choose not to, the owner is free to sell the property to another party.

Common scenarios where varuõigselt might apply include co-ownership situations, where one co-owner has the right to buy out another's share before it's offered to an outsider. It can also be relevant in agricultural land sales, certain residential properties, or in cases of succession. The specific details and conditions of a varuõigselt are usually outlined in the legal document that creates it, such as a contract or a court order. Understanding the nature and scope of this right is crucial for both the property owner and the potential holder of the varuõigselt to ensure compliance with Estonian law.