What is the difference between pre-emption and option? Commercial Property

An option gives the holder of the agreement the right to buy a commercial property at a pre-agreed price and the owner must sell if the option is exercised.

By contrast, pre-emption is ‘right of first refusal’. The property owner doesn’t have to sell, but if they decide to do so, they must first offer the holder of the pre-emption agreement the opportunity to buy. If they decline or don’t respond, the owner may sell the property to a third party.