PRODUCT #3 – BE THE ONLY ONE
Be The Only Buyer
This product is the one used to definitively secure a purchase obligation with the seller for the desired property. This counts as a purchase reservation, basically whoever arrives first wins!
Therefore, it is no longer just an agreement that remains in the “private” sphere between buyer and seller but is formally and legally validated towards anyone. In legal Greek it is said that an agreement of this type is in fact “enforceable against third parties”, and the seller will be forced to sell only to those who first carried out this operation. He will not be able to sell the property to anyone else, nor will he be able to grant guarantees such as a mortgage on the property, nor constitute a passive easement or any other prejudicial right for the buyer.
This applies to any creditors of the seller who will not be able to register a mortgage on the property promised for sale, nor to attach it. Since our client chooses this total protection and follows all the procedures indicated by us, tested and refined over the years, the property is by Italian law “reserved” only and exclusively to him and any other action by third parties will have no effect on you.
The taxes for registration and for the sums paid in the event of a down payment, which must be paid for by the Italian tax authorities, will then be recovered at the time of stipulation of the definitive.
This Product offers full legal protection, including all the other digital products.
The main legality control activities are:
- Verification of the identity of the parties who intend to buy and sell;
- Verification of the parties’ ability to perform such acts;
- Verification of the matrimonial property regime (communion or legal separation of assets);
- The legitimacy to intervene in the act.
The control over the identity of the parties serves to avoid the risk of identity theft. The phenomenon is so serious that in the United States, the FBI has requested the collaboration of the Italian Notariat for the guarantees offered by our legal system and to prevent fraud of this type (Source: www.notariato.it).
Verification of the non-existence of previous mortgages, or constraints or foreclosures at the Territory Office of the Revenue Agency and the urban planning and cadastral regularity of the properties.
The control of particular disciplines (e.g. in terms of public residential construction, the existence of subjective requirements for the buyer, or price constraints, or any pre-emption rights or, again, in the case of assets of historical, artistic, archaeological interest ).
Identification of the tax regime that best suits the specific case and verifying the existence of the requirements to benefit from any tax breaks that Italian law provides (eg purchase of a first home, or the tax credit or exemption from taxes in the event of transfers in execution of separation or divorce agreements).
The preliminary contract (also called compromesso) is a contract that obliges the parties to sign the next definitive contract. For this reason it is defined as mandatory. The definitive contract is so called because it is the last deed to be signed before the notary to become the actual owner of the property.
The main elements of this contract are:
- The property to be purchased;
- the selling price;
- a precise description (floors, rooms, etc.) with the cadastre data that uniquely identify the property and the date of the final contract.
- Any suspensive or terminating clauses which, upon the occurrence of certain conditions decided by the parties, generate mutual obligations to be fulfilled before the delivery of the property.
It is essential to provide for specific conditions especially in the case of:
- substantial price advances;
- long time between preliminary and final;
- fallible seller, think of buying directly from the manufacturer.
If problems arise from due diligence, how can they be solved?
We have several professionals at our service ready to intervene.
We quickly find a solution to the most different problems that may arise, even the most complex ones. Our Lawyers have decades of experience in the field of real estate, as well as our Architects, Surveyors, and Engineers. The times and costs will obviously vary according to the problems to be solved also in consideration of the authorizations of the various competent offices that will necessarily be involved.