prelazione

Prelazione, or preemption right, is a civil-law mechanism by which a person or a defined group has priority to acquire an asset when its owner intends to transfer it. The holder has the option to purchase the asset under the same terms proposed to a third party, and the seller is usually required to offer the asset to the prelazionista before completing a sale to others. The exact content and procedures depend on the applicable law, contract, or corporate by-laws.

Common contexts include real estate and property co-ownership, where other co-owners have priority to buy a share being sold; corporate settings where shareholders or partners have the right to acquire quotas or shares before external buyers; and in some tenancy or lease situations, where the tenant or another party holds a right of prelazione on the sale of a leased property or the transfer of a lease. Inheritance or family settlement contexts, certain relatives may also receive a right of prelazione.

Exercise of the right typically requires a formal notice or offer specifying the price and terms. The prelazionista generally has a limited period to decide to exercise the right; if they accept, payment is made under those terms and the transfer proceeds; if they refuse or fail to respond within the deadline, the seller may transfer to a third party under the same terms. The arrangement is intended to protect the interested party’s practical ability to participate in a transaction.