The importance of choosing the right notary during the purchase of a property


The importance of choosing the right notary during the purchase of a property

Laws&Regulations Nov 22, 2018 No Comments

Are you about to purchase your dream house? The moment you have been waiting for has arrived? So it’s time for you to choose a trusted notary.

 

After a long research, you have finally found your property. At this point, it will be necessary to choose the notary: a fundamental and indispensable choice. Indeed, taking into account the role and the duties that our system gives to a notary, the relationship between a client and a notary him/herself becomes very important.

 

The notary does more than merely prepare some deeds to be signed by both the parties in front of him/her. A notary is a Public Official, guarantor of the rules, that will have to commit him/herself to find the better solution for both the parties in question and under the key of a complete impartiality. Moreover, the notary have to check if there is any mortgages or existence of any prejudicial burden on the property: a job of great responsibility to the benefit of the buyer who, thanks to it, will be able to protect him/herself from any possible “bad surprise”.

Moreover, as a withholding agent, the notary will have to earn and deposit some taxes and levies, as well as to register and communicate the property data.

 

Finally, the so called “legge annuale sulla concorrenza”  (“annual competition law”), law n. 124/2017 (read here our article about this topic) deserves to be mentioned too. Regarding the vendors’ payment of the balance of the residual price, this law introduces an important news: the law enters the faculty to request that said amount is kept as a deposit in a Notary’s dedicated bank account until the transcription of the sale deed in the pertinent “Conservatoria dei Registri Immobiliari” (property registration office).

 

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Related articles:

COMPETITION LAW: ALL THE NEWS FOR THOSE WHO BUY A PROPERTY

Marianna Gaiotto

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