Proposal for purchase of property in Italy
Check on cadastral plans of mortgages, foreclosures, seizures, transcriptions, unpaid expenses
How are the agreements for buying a real estate property in Italy
The proposal for the purchase of property in Italy must contain only a commitment to buy - and not the final acceptance of the purchase by the proponent – later, when the owner will sign the proposal.
The purchase proposal shall contain the names of the actual owners, resulting from the notarial acts or from judgments of transfer and from any ineheritance.
The property to be purchased (including attics, cellars, garage, gardens and parking spaces) must be exactly identified and possibly accompanied by cadastral plans.
In the text of the purchase proposal must be ensured that there are no:
• unpaid monthly expenses
• other transcriptions which are prejudicial for the full acquisition of the asset.
The purchase proposal has to provide:
• that the construction building permit has been duly granted
• that the habitability permit of the property has been properly issued
• that any eventual unauthorized building construction has been properly amnestied
• that there are no any pre-emption rights in favor of any person, arising by law or contract
• who are those using the property
• the term for delivery of the keys
• the price to be paid, any down payment, payment plans
• if there is the will to start a mortgage
• clearly the terms of the proposal (for example, it is a requirement that the property is considered essential for the agreement between the two parties)
• the term within which the proposal must be accepted
• the amount of commission to be paid to the realtor and time of payment of it
The seller, when examining the acquisition proposal, must check that the contents correspond to his will and may sign up for acceptance or reject it.
In case of full acceptance of the purchase offer, the parties will proceed to the close of a new and more complete agreement: the preliminary agreement (so called: compromesso).
The purchase proposal:
• must be drafted 3 copies (for seller, buyer and realtor)
• the realtor must retain the non-transferable check (dated and made payable to the seller) deposited as a guarantee of the proposal, and he absolutely cannot cash it
• must have a maximum validity term of 20 days, after which it shall automatically expire, and the check deposited as collateral must be returned.
If the purchase proposal contains also provisions relating to the mortgage loan, these clauses are considered precedent of the purchase proposal and, subject to acceptance within 20 days, there will be a maximum term of 60 days; when this term expires, and there was no consent by the bank that would provide the loan, the purchase proposal shall automatically expire with the obligation to return the check deposited as collateral; usually the phrase that is used for this clause is: the proposal for purchase of property is conditional upon obtaining a mortgage loan.