Preferential acquisition right

right

The preferential acquisition right is the power enjoyed by a natural or legal person to acquire a thing preferentially from third parties prior to its sale or after its sale. It is a real right.

There are two preferential acquisition rights: the right of first refusal and the right of withdrawal. This means that, if a person puts a good for sale or has sold it, whether it is personal or real property, and is affected by any of the preferential acquisition rights, the person who holds this right will have the preference to acquire this good. This, despite the fact that there is a third party interested in the same good.

If the right of first refusal acts, this preferential acquisition right will be prior to the sale, and if the acquisition right is the right of withdrawal, it will be a preferential right after its sale.

Characteristics of preferential acquisition rights

The main features are:

  • There must be a prior agreement between the parties where this right is recorded.
  • The person who enjoys this power can address not only against the owner of the good sold or offered, but against third parties who have acquired it.
  • It limits the freedom of the owner of the property that is affected by this right.
  • Assets can be movable (securities or shares of a company for example) and real estate (homes).

Right of first refusal

The right of first refusal is the power enjoyed by a natural or legal person to acquire something before its sale preferentially to third parties for the same price.

The main requirements that must be met for this right of first refusal to be born are:

  • Prior agreement between the person who owns the property to be sold and the person who owns the right. This pact will be constituted by means of a written agreement stipulating all the conditions that affect the exercise of this right.
  • The owner of the property may ask the owner of the right to pay a price for holding this preferential power.
  • Existence of term: the exercise of the right is not unlimited in time and must be limited to a specific period of time. This means that the holder of the right of first refusal has to exercise his pre-emptive right in a certain time since another person wants to buy the good that is affected by the right of first refusal.
  • It is not an infinite right. If the seller of the asset alienates it and the holder of the right of first refusal did not exercise this real right of acquisition, he may not request the asset from the third party who has acquired it. You have lost your right of first refusal.
  • This right is very common in the sale of real estate and the holder of the right of first refusal is usually the lessee. The homeowner will have to offer the property to the tenant under the same price conditions as to third parties and on a preferential basis.

Right of withdrawal

The right of withdrawal is the power of the seller to recover the good sold. As with the right of first refusal, it is an agreement between the two parties to the sale. But, contrary to what happens with the right of first refusal, the right of withdrawal acts when the sale has already been made and not at a previous time.

A term must also be agreed to exercise this right.In the end, it is the right to get back the thing sold.

Tags:  Colombia other markets 

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