[BUYING AND SELLING REAL ESTATE IN ITALY] 143
The registration of the preliminary agreement is advisable for example when the “ caparra” is particularly high, or the term for the final deed of sale is far away, or lack of trust on the seller, or risk of seller’s bankruptcy . Notarial Deed of Sale The role of the Notary in the real estate transactions is compulsory since a legally and fully valid deed of sale enforceable toward the seller and any third party must be executed by a public Notary. On the other hand, the Notary also has a role of guaranteeing the regularity of the transfer of ownership. The Notary must verify the respect of all the compulsory provisions that regulates the legal transfer of real estate and the details of the sale. In order to validly stipulate the final deed of sale, under penalty of nullity of the deed itself - in the case of land: the seller shall produce the certificate of urban use (so called “ certificato di destinazione urbanistica”); - in case of properties: the deed must include the details of the license or building permits/concessions according to the age of construction; for works executed prior to September 1, 1967, the seller may render a declaration about the date of construction without need to report the details of license/concession/permit. It is also necessary that the conformity with urban-cadastral planning of the properties be documented or declared. The Notary is also in charge for:
• drafting the final deed of sale, based on the preliminary agreement; • confirming in the deed of sale that the payment has been duly completed and the contract therefore constitutes an acknowledgment and evidence of the payment; • registration of the deed and assessment and payment of stamp duties; • registration of the transfer of the ownership on the name of the purchaser with the Real Estate Registry and with the Real Estate Land Registry. These two last formalities conclude the process of ownership transfer. After the mentioned formalities are completed, the purchaser has in his/her hands the document that testifies the title of property and if all the steps are duly completed has all the rights for future disposal of the real estate. Although the role of the Notary is neutral with respect to both the parties, it is usual that the Notary is appointed and paid by the purchaser. III B) Auction An important segment of the real estate market is made up of auction sales, resulting from real estate foreclosures. The methods for participating to an auction for the purchase of real estate are as follows: 1. Consultation of portals / publications It is possible to consult the internet portals connected to the Courts, with
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ILN Real Estate Group – Buying and Selling Real Estate Series
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