Once you have chosen a property to buy, the two parts (the seller
and the buyer) have to agree on the conditions (terms) of payment.
Usually (once the price is settled), the buyer leaves a deposit (“caparra
confirmatoria” of at least 10% of the house price) and undersigns
together with the seller a preliminary contract (Compromesso) between
private parts where all the terms of the agreement are underlined including
the date by which the transfer of property and the consequent total payment
will be made.
The seller will have to take this Compromesso to the Notaio (Public
Notary). The Notaio will do all the legal checking on the property
(mortgage deeds, foreclosures or other impediments on the sale)
Once the Notaio has checked that everything is regular, the date of
the transfer of the property is fixed (7 to 10 days from the date of
the preliminary contract). Basically a government official, the Notaio
witnesses the transfer of title from one party to another, collects
the taxes due on the transaction and his (or her) involvement is indispensable.
Above is the simplified procedure when the buyer decides to pay cash
for the property.
Buyers Deposit
Why does the buyer have to leave a deposit even when the transfer of
the property happens shortly after?
The logic of this procedure comes from previous experience. Once the
price is settled, there is a period of time (even if very short) when
the Notai has to verify every aspect of the transaction.
Within this period of time it might happen (and it has happened before!!)
that the seller sells the property to another buyer for a higher price.
Therefore the deposit legally protects the buyer and avoids the above
to happen. Hence the Compromesso establishes that if after the deposit
has been paid, the seller refuses him/herself to sell, he/she will have
to pay back double the deposit he has received to the buyer.
Besides if the buyer is the one not to respect the conditions of the
Compromesso, he/she will lose the deposit already paid which will cover
for the seller time spent.
In the case that the buyer is not an Italian national, for further protection,
the deposit can be paid directly to the Notaio who will then hand it
over to the seller only after carrying out all the legal checking’s
on the property.
BUYER MAIN EXPENSES - the property price
1. Tassa
di Registro.
2. Public Notary bill.
3. Estate Agent mediation
Note. All the property prices are excluding all the expenses above.
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