Contract

Hello, Greetings of the day!

Under Option an option holder carries the right to buy the land at a later date under a set of specific terms and conditions or subject to the occurrence of a certain events, for a limited period of time where as under Pre- emption carries a right to buy in priority to any other buyer and it does not create immediate interest on the land. And the reason for the use of right of pre-emption and an option is; prospective purchasers as well as vendors of land many a times want to 'lock in' the other party to the deal for the obvious reasons.

Hope it helps

Regards,

Sneha Jaiswal