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preemption
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preemption
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BGB 463 A person entitled to the right of preemption in respect of an object may exercise the right as soon as the person obliged by it has entered into a purchase agreement relating to the object with a third party .
Section 464 Exercise of the right of preemption
BGB 464. 1 Exercise of the right of preemption occurs by declaration to the person obliged . The declaration is not subject to the formal requirements laid down for the purchase agreement .
BGB 464. 2 When the right of preemption is exercised , the purchase takes effect between the person entitled and the person obliged , subject to the terms that the person obliged agreed with the third party .