[BUYING AND SELLING REAL ESTATE IN ITALY] 161
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. 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 called “ successione testamentaria ” and “ successione legittima”). The phases that mark the succession are three: i) the first coincides with the opening of the succession, which is the first phase immediately following the death of the person. The succession opens at the time of death, in the place of the last domicile of the deceased. ii) the second consists in the so-called denunciation of the inheritance, i.e., determining who owns the assets and to what extent, and whether on the basis of a will or according to law. iii) the third consists in the acceptance of the inheritance and the consequent attribution of assets to the heir/heirs. Usucaption The usucaption is an original way of acquiring the ownership of real estates through the continuous, uninterrupted and
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ILN Real Estate Group – Buying and Selling Real Estate Series
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