Both the right of first refusal and pre-emption right means the right to acquire something before others can do so.
Both comprise a negative element, namely that the owner may not to sell the property to a third person without giving the preferred party or grantee the right of first refusal, and a positive element, meaning that the grantor gives the preferred party a right to purchase the property at a price offered by the third party.
Basically, the right of first refusal is the right granted to preferred party to purchase a property item before the same offer is made available to any other person. It is most frequently used in a corporate setting, meaning that shareholders may not sell shares to third parties without first offering them to existing shareholders.
The term pre-emption right is a contractual right to acquire property items newly coming into existence before it can be offered to any other person or entity.
In summary, pre-emptive right is considered a generic term denoting any type of pre-emption, while right of first refusal more often than not applies to the is only a procedural difference between the two concepts.
