Preliminary contract (Atto Preliminare di Compravendita Immobile)
This private, legally secured purchase and sales promise guarantees you the property on the one hand, and on the other hand gives the seller the security that you are committed to buy. The preliminary contract is, in its contents and formulation, very similar to the subsequent final purchase contract and, owing to the contractual promise of both parties, it represents an obligation on both sides. It includes all terms and conditions, methods of payment, date for the final contract and any other details deemed important. The preliminary contract must be concluded bilingually through an accredited translator or with bilingual power of attorney if one of the contracting parties has an insufficient command of the Italian language. The buyer’s commission amounts to 3.63% (3% plus 21% VAT) of the purchase price established between the parties, payable at conclusion (Codice Civile (Italian Civil Code) article 1754 and 1755), i.e. after the preliminary contract has been signed. The preliminary contract comes into force through a deposit (Caparra Confirmatoria) of approx. 30% of the purchase price and will be registered subsequently. It goes without saying that we will accompany you up to the final contract.
This private, legally secured purchase and sales promise guarantees you the property on the one hand, and on the other hand gives the seller the security that you are committed to buy. The preliminary contract is, in its contents and formulation, very similar to the subsequent final purchase contract and, owing to the contractual promise of both parties, it represents an obligation on both sides. It includes all terms and conditions, methods of payment, date for the final contract and any other details deemed important. The preliminary contract must be concluded bilingually through an accredited translator or with bilingual power of attorney if one of the contracting parties has an insufficient command of the Italian language. The buyer’s commission amounts to 3.63% (3% plus 21% VAT) of the purchase price established between the parties, payable at conclusion (Codice Civile (Italian Civil Code) article 1754 and 1755), i.e. after the preliminary contract has been signed. The preliminary contract comes into force through a deposit (Caparra Confirmatoria) of approx. 30% of the purchase price and will be registered subsequently. It goes without saying that we will accompany you up to the final contract.
Caparra Confirmatoria
The Caparra Confirmatoria is regulated by the Codice Civile in article 1385, which is applicable to sales offers and preliminary contracts. If the parties fail to comply with the preliminary contract, the legal norm is as follows: If you withdraw, you will loose your deposit. If the seller withdraws, she is committed to refund the full amount of the deposit plus an equal amount to you. In addition, both parties could pursue legal proceedings towards a transfer of ownership.
The Caparra Confirmatoria is regulated by the Codice Civile in article 1385, which is applicable to sales offers and preliminary contracts. If the parties fail to comply with the preliminary contract, the legal norm is as follows: If you withdraw, you will loose your deposit. If the seller withdraws, she is committed to refund the full amount of the deposit plus an equal amount to you. In addition, both parties could pursue legal proceedings towards a transfer of ownership.
Final contract (Atto Notarile di Compravendita Immobile)
The final contract is usually signed between two and six months after the preliminary contract. Beforehand, the public notary of your choice investigates whether the legal and historical origins of the property are incontestable. On signing the final contract, the remainder, conveyance duties and notary's fee are paid. After signing and transfer of ownership the final contract is registered and relevant entries are modified in the land register and corresponding records (Agenzia delle Entrate). Also the final contract must be concluded bilingually through an accredited translator or with bilingual power of attorney if one of the contracting parties has an insufficient command of the Italian language.
The final contract is usually signed between two and six months after the preliminary contract. Beforehand, the public notary of your choice investigates whether the legal and historical origins of the property are incontestable. On signing the final contract, the remainder, conveyance duties and notary's fee are paid. After signing and transfer of ownership the final contract is registered and relevant entries are modified in the land register and corresponding records (Agenzia delle Entrate). Also the final contract must be concluded bilingually through an accredited translator or with bilingual power of attorney if one of the contracting parties has an insufficient command of the Italian language.