[BUYING AND SELLING REAL ESTATE IN ITALY] 160
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 reference to the place of interest, on which the announcements relating to the auction sales of the foreclosed properties in the various executive procedures are published; or, alternatively, printed publications, available free of charge at the Courts or available for purchase at kiosks. 2. Report consultation Once the asset of interest has been identified, it is advisable to read the report drawn up by the consultant appointed by the judge, to assess the condition of the real estate. 3. Judge’s ruling Of extreme importance is the examination of the sale order issued by the Judge, which contains the conditions for the offer, including i) the amount of the deposit to be paid,
which shall not exceed one tenth of the target price and the term within which to pay it, ii) the minimum amount of the increase to be made to the offers, iii) the term, not exceeding sixty days from the 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 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
ILN Real Estate Group – Buying and Selling Real Estate Series
Made with FlippingBook Online newsletter