Prelazione (Right of First Refusal)

A right that gives a party the preference to buy or lease a property if the owner decides to sell or rent, by matching the price/conditions offered by a third party. In real estate, diritto di prelazione can be legal or contractual. Legal prelazione examples: inheritance – co-heirs have prelazione if one heir sells to an outsider; tenants – certain tenants (e.g., commercial tenants under Law 392/1978 or farmers renting farmland) have a right of first refusal if the owner sells. Also, if a cultural heritage property is sold, the State has prelazione within 60 days to match the agreed sale and acquire the asset. Contractual prelazione can be agreed in contracts or company bylaws, etc. If you are selling a property subject to someone’s prelazione (say a tenant farmer or neighbor on agricultural land, or a tenant with 20+ years in a shop), you must formally offer them the property at the same terms. If they properly exercise it, you must sell to them. Skipping a required prelazione could lead to the sale being nullified or the preemption holder being able to acquire the property from the buyer at the same price. It’s important for sellers to clear any prelazione rights before finalizing a sale with a third party.