The new regulation removes the main concern of purchasers and banks: the possibility of having to return the property following an action for reduction brought by the legitimate heirs.
The purchaser of a property acquired through a gift is finally protected, and liability falls solely on the donor-seller, with a mechanism that leads to possible payment of compensation by the seller, but not to the loss of the property by the purchaser.
A reform that has been awaited for years and will smooth out a market segment that has long been “locked up” by hereditary fears.
The actual impact with regard to gifts already made will be assessed on a case-by-case basis according to the final text of the regulation.
The reform also changes the market for gift-related insurance policies.
Insurance policies designed to cover the risk of return by the third-party purchaser – often used to make donated properties “marketable” – will see their scope reduced.
Conversely, new policies may emerge to cover the risk of compensation owed by the seller to the legitimate heirs.
The focus shifts: no longer the protection of the purchaser, but rather the regulation of the economical relationships between the donor and the heirs.
The reform also affects corporate transactions: should the scope be extended to movable assets and shares, many insurance policies currently used in share deals will no longer apply.
A new scenario is therefore taking shape—which will require a reorganization of contractual instruments and market practices.