English translation: pre-emptive preferential right
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Gracias a todos por sus comentarios tan útiles. Resulta que en México el concepto legal es el mismo; simplemente lo expresan de una forma ligeramente diferente, como figura en mi consulta. 4 KudoZ points were awarded for this answer
Explanation: purchase option
a right granted to certain people by the spanish Civil Code in order to exercise an option to buy a property in lieu of a third party who has offered to buy that property in a determined price.
Explanation: Pre-emptive preferential right is OK as well.
You are right about the meaning, though the most common name for this right (at least in Spain) is "derecho de tanteo y retracto", you can find out exactly what it is here: