Italy is full of ancient buildings and declared of historical interest and when you decide to make a real estate investment in italy, it is possible that the chosen property is bound as an asset declared of historical interest pursuant to Italian Legislative Decree n. 42/2004.
In this case, the public deed of sale will be conditioned suspensively to the non-exercise of the pre-emption right by the competent superintendency or by the Ministry.
After signing the public deed, it must be notified by the parties to the competent superintendency within 30 days of stipulation pursuant to art. 59 of the Italian Legislative Decree 42/2004. The complaint is made by the seller.
The complaint is presented to the Superintendent of the place where the real estate is located and must contain:
1) the identification data of the parties and their subscription or their legal representatives;
2) the cadastral identification data of the assets;
3) the indication of the place where the goods are located;
4) an indication of the nature and conditions of the deed of transfer;
5) indication of the parties’ domicile in Italy for the purpose of any communications.
Once the notification has been made, the superintendence or the ministry will have 60 days to exercise the pre-emption right; if they have not exercised it within this period, the sale will be completed.
If, on the other hand, the superintendency or the Ministrythe exercises the pre-emption right, the purchase will take place at the same price established in the deed of sale.
After receiving the complaint of a deed of sale subject to the right of pre-emption right, the Superintendent informs the Region and the other local public bodies in which the property is located so that they can demonstrate to the Ministry their intention to purchase within 30 days.
The denunciation is an indispensable condition for exercising the pre-emption right. If it is omitted completely or submitted late (more than 30 days from the deed of sale), the pre-emption right can be exercised within 180 days from the moment in which the Ministry received the late report or in any case acquired all the constituent elements of the same.
Pending the 30-day deadline, the deed of sale remains conditionally suspended to exercise the pre-emption right and the seller cannot make the real transfer of ownership to the buyer.
Once the suspension condition has ceased, the real estate transfer acquires all its effects starting from the date on which the deed of sale was stipulated and the circumstance can be indicated in the real estate registers with the annotation.
Federico Violante Lawyer
