Pre-emption, purchase and repurchase rights
Contractual right of first refusal
An owner may grant a right of first refusal in favor of a person or a plot of land to the detriment of his/her property. The right of first refusal may be asserted if the property is sold, as well as in the case of any other legal transaction that is economically equivalent to a sale (case of first refusal). In particular, acquisition by way of inheritance, acquisition by way of compulsory auction and acquisition for the performance of public duties shall not be deemed to be cases of pre-emption, provided that the conditions for expropriation are met.
The seller must inform the person entitled to pre-emption of the conclusion and content of the purchase agreement.
The takeover by the entitled person shall be on the terms agreed upon at the time of the sale to the third person (non-limited right of first refusal) or at a price fixed in advance (limited right of first refusal).
Right of purchase
The right of purchase gives the entitled person the power to acquire a property at will or under certain conditions on the specified terms.
Right of repurchase
The right of repurchase confers on the seller the power to repurchase, at will or under certain conditions, the property sold by him/her under the specified conditions.
Validity period
The right of first refusal shall expire upon the expiration of three months after the person entitled to it has become aware of the sale. Pre-emption and repurchase rights expire in any case after the expiry of 25 years from the date of the priority notice in the Land Register; purchase rights expire in any case after the expiry of 10 years from the date of the priority notice in the Land Register, unless a longer period has been contractually agreed in each case.