by Giandomenico De Tullio

The final step of the conveyance is the so called "atto di vendita" (deed of sale). The deed is drafted by the Notary in his office, and has to be fully compliant with the preliminary contract. So it is the preliminary contract, that is, the document setting all the essential elements of the transaction. Once the Deed has been signed by all those present at the signing, the balance of the purchase price is paid to the Vendor and the keys are handed over to the new owners.

A copy of the Deeds will then be given to the new owners approximately one month after the signing. This is because it takes approximately one month for the new deeds to be registered at the relevant Registry Office. According to the law the deed of sale must be drafted in both Italian and English should one of the parties not understand the Italian language.

If the buyer cannot be present in front of the Notary he can give power of attorney to his solicitor who will sign on his behalf. The notary will read and explain the contract, the buyer will be able to read the English version and through the support of a bilingual solicitor, is entitled to ask questions.

GLOSSARY:

Proposta irrevocabile di vendita: This is where an initial formal offer is made and a small deposit is left. The price you are willing to offer has been determined and also any conditions you may wish to make.

Contratto preliminare di vendita: This is the contract that sets out in detail the terms and conditions of the sale and also all the relevant cadastral and registry information. It is also known as a Compromesso.

Atto di Vendita: The moment when in front of a public notary the exchange of contracts is made, the outstanding amount of the purchase price will be paid and the keys to the property will be handed over to the new owners.

Caparra confirmatoria: This is a deposit that is regulated under art.138 of the Italian Civil Code. If a deposit is defined as a "caparra confirmatoria" it endows legal rights upon both parties.

<< Part 3: Preliminary Contract

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