ILN: BUYING AND SELLING REAL ESTATE - AN INTERNATIONAL GUIDE

[BUYING AND SELLING REAL ESTATE IN ITALY] 147

award, within which the price shall be deposited and the methods of deposit, iv) the date and place where the auction will be held. Everyone, except the debtor, can submit an offer for the purchase of the foreclosed real estate, personally or by means of a solicitor, in the registry of the property enforcement section of the competent Court. The offer must be filed in a sealed envelope, on the outside of which are noted, after identification, of the person who materially provides for the deposit, by the receiving registrar, the name of the execution judge or the delegated professional and the date of the hearing fixed for the examination of the offers. 4. Opening the envelopes If the sale takes place by auction at the hearing set in the sales order, the judge's delegate will open the envelopes, or the envelope in the case of a single offer. In the latter case, if the offer is equal to or higher than the value of the property established in the order of sale, the same is certainly accepted; if, on the other hand, the price offered is lower than the price established in the sales order by no more than a quarter, the judge may proceed with the sale when he/she considers that there is no serious possibility of obtaining a higher price with a new sale and no requests for assignment were presented by creditors. If there are more bids, the delegate invites the bidders to bid on the highest offer, with the possibility of a raise; the asset, therefore, will be awarded to whoever has made the highest offer, also considering other elements, such as the deposits given, forms, methods, and times of payment.

5. Conclusion of the auction The successful bidder shall pay the balance of the price within the term and in the manner set by the order of the Judge that orders the sale and deliver the document proving the payment to the registry; only following this payment the Judge issues the decree of transfer of the estate that completes the transfer of ownership and that is registered in the competent registers. IV. OTHER MAIN METHOD OF ACQUIRING PROPERTY Gift This is a typical act of gift which involves an increase in the assets of the donee (the one who receives the gift) with a corresponding patrimonial sacrifice of the donor (the one who transfers the asset). The law requires for the donor the " full capacity to dispose of his/her assets ". For the donee, by way of derogation from the general discipline on legal capacity, and similarly to the provisions for the will, the law states that the gift can also be made on behalf of the unborn, even if not yet conceived. The law also allows legal entities to gift if this capacity is recognized by their statutes or articles of association, and to receive them. The gift is a personal act that does not allow, therefore, representation, except for the possibility, for the donor alone, to release of a special power of attorney through which to give a third party the task of designating the donee from a category of subjects (natural or legal persons) or things indicated by the same. Mortis causa succession The real estate can be acquired by succession. Succession may be regulated by the will or, in the absence of the same, directly by law (so

ILN Real Estate Group – Buying and Selling Real Estate Series

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