Preliminary contract: the Great Estate step by step assistance

Preliminary contract: the Great Estate step by step assistance

Great Estate Network , Laws&Regulations Aug 16, 2018 No Comments
GE professionals are able to provide you a complete assistance during the entire purchasing process: the preliminary contract.

The preliminary contact, commonly known as compromise, is the legal transaction through which the owner/seller and the buyer of a property commit themselves juridically, with a binding validity among each other, in writing and under penalty of invalidity, to sell and purchase the above mentioned property.

This has to be done in accordance with the modalities, terms and prices agreed in the contract. By means of the compromise, the parties commit themselves to the final deed of sale, which has to be done in the presence of a notary: once that contract will be signed, the property transferring will take place too. The preliminary contract has to include some essential elements: the parties’ consent, the writing form, the precise determination of the property and the price of the sale. If not so, the contract will  not be valid.

Usually, in addition to that, the preliminary contact includes also other clauses, the so called clausole accessorie – extra clauses, as the deadline for the final deed of sale stipulation (which can be semplice – ordinary –or essenziale – essential), the penalty and the deposit. The deposit can be confirmatoria – confirmatory, which means a cash payment that can be of a 10% – 30% on the agreed price. Those percentages are established during the negotiation.

Once the final deed of sale is stipulated, the preliminary contract transcript at the Pubblici Registri Immobiliari – Public Real Estate Registers will take place. This is a very important document because any other operation addressed to the property in object and transcribed later that moment will have no effect for the buyer: possible sales, mortgage inclusions, foreclosures, etc. will not be opposable, so binding, toward the buyer.

The preliminary contract has to be registered at the Italian Agenzia Delle Entrate within 20-30 days from its signing. If the preliminary has been written in the form of a certified private agreement or public document, including so the intervention of a notary, the deadline is of 30 days from signing. The registration duty is of both the parties or, in case of real estate agency mediation, of the agency.

The Great Estate Group is always focused toward its clientele satisfaction. For this reason, our agency policy includes, in addition to a technical and fiscal consultation, a step by step assistance through which the buyers are supported in any phase of the purchase: from the property choosing to the deed of sale stipulation. Thanks to the teamwork of the professionals – real estate agents, accountants, notaries, lawyers, etc. – collaborating with GE and specifically selected for an excellent sales and purchases management, this is all possible.

Our assistance includes the scrupulous creation of the preliminary contract, done by the GE professionals. In any case, we always suggest to our clients to make their contact be checked by their trusted lawyer too, so that he/she can ask to our consultants for possible interpretations, omissions or misunderstandings that, if not solved, may delayed or cause problems to the negotiation.

Contact our head office or visit our website to realize your real estate desire: the purchasing of your dream home at the best price and assistance possible (click here to discover more about it). Our team is waiting for you!

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Marianna Gaiotto

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