The final deed of sale: Great Estate informs

The final deed of sale: Great Estate informs

Great Estate Network , Laws&Regulations Sep 27, 2018 No Comments
After so many researches, you have finally found you dream home: the time to go to the Notary for the signing of the deed has come. We want to give you some important information about it.

Finally, the day of the deed of sale – the official transferring of the property – signing has come. The deed is an extremely important document: it is the contract which formalizes the property transfer of ownership and the price payed by the buyer. The deed is done by a notary, usually chosen and payed by the purchaser. 

As public officer, the notary is the legality guarantor during the signing of the deed. In addition to the sale and purchase transcript at the Conservatoria within 20 days from the moment of the signing and, in the case of loan, the lien registration, one of his/her main tasks is represented also by the checking of the property building and cadastral laws compliance. This means that the property has to own all the requisites needed to be sold: absence of liens and restrictions or any kind of problem, cadastral and urbanistic conformity.

Those are all checking which Great Estate does before the property acquisition (read here our article about the Due-Diligence).

Before the creation of the deed, the notary will receive some papers from both the vendor and buyer. In order to better understand the information they contain, he/she will carefully examine them. In short, they are:

  • A valid identity card and fiscal code of the parties;
  • A copy of the notarial deed of purchase, including the transcript note (if the property has been inherited, the succession declaration has to be presented too);
  • Cadastral property plan;
  • All the property building/urbanistic measures (building permits and similar);
  • A copy of the property building code compliancy certificate;
  • Energy performance certificate;
  • Property systems compliancy certificate;
  • Cadastral certificate, plan with borders and town planning use class certificate (if the land is the object of the sale);
  • A copy of the possible registered preliminary contract and related copy of taxes payments (F23).

In addition to the information of the sale agreement – parties’ biographical data, property data, established price and planned methods of payment, possible particular agreements and date of the deed – the notary deed has to include the mediator’s, if intervened, data too.

In order to protect all the parties involved, law imposes some precise rules for the deed creation, in particular:

  • The notary has to entirely read and explain the contents of the deed to the parties and possible witnesses – who have to be present when required by the law – and has to be sure about the parties’ comprehension of them. Differently, he/she will be charged with falsity in a public document;
  • After its reading and approval, the deed has to be signed by both the parties, the notary his/herself and, if law stands so, by the witnesses too;
  • The deed and its contents become effective for all legal purposes, unless falsity in a public document is verified.

After the signing, the documents exchange and the property keys delivering take place. To transcribe the property at the Italian Building Register, the notary has to proceed with the Deed deposit to the competent authorities, the Italian Conservatoria dei Registri Immobiliari, within 20 days from the moment of the signing. The buyer will receive a deed authenticated copy by the notary who, as required, will have already registered it to the Italian competent authorities.

Regarding the amounts to be paid at the moment of the deed, we remember you that Law n. 124/2017 introduced the obligation to deposit the price of the sale in a specific notary’s account. He/she will give it to the vendors when all the fulfilments resulting from the deed of sale (read here our article) will be successfully done.

GE professionals are at your disposal for any information about this topic: visit our website or contact our head office.

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Marianna Gaiotto

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