An option to purchase must be distinguished from a right of pre-emption, otherwise known as a right of first refusal. A right of pre-emption arises where the owner of land contracts that, if he decides to sell the land, he will first offer it to the other contracting party in preference to any other person. It differs from an option in that it is not an offer to sell, and in itself does not impose any obligation on the owner to sell. He may do so or not as he wishes; but if he does decide to sell, then
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