Buying procedure, the three steps.
First step, Proposta/Formal Offer
We write an offer where the following is regulated:
-The price your are offering
-When a downpayment is to be paid, typically within 1-2 months. Minimum € 25,000. Often 10% of the selling price.
-When to go to the Notary to sign the Atto/ Final Deed and to pay the remaining payment. Often within 3-4 months.
-Possibile clauses, for example having to receive a mortgage, etc.
With the proposta you make up a cheque for € 5,000, that is given to the selling part once the have accepted the proposta. We keep the cheque until the selling part has accepted the Proposta. The cheque is returned to you if the selling part is not accepting your Proposta.
Second step, Compromesso/Preliminary deed
-A contract which we register with the authorities ‘Agenzia Entrate’ within 20 days from signing.
-This is when the downpayment has to be paid. If you choose not to fulfill after the compromesso you loose the downpayment. If the selling party chooses not to fulfill after the compromesso they have to pay back the downpayment doubled, as a fine.
Third step, Atto/Final deed
-We go to the notary to finalize the deed.
-The Notary makes up the Atto/Final deed and reads it out loud in front of the buyer, seller and witnesses.
-If one part doesn’t understand Italian the Final deed is translated into English. Or a Power of Attorney is made out to an Italian speaking person, usually one of Apolloni & Blom’s staff. Also if one or both parties cannot be present physically a Power of Attorney can be made up.
-The buying party pays the remainder, and receives the keys to the property. The buying party also pays the taxes for the purchase to the Notary.
The Notary is the only body that can make a property change hands in Italy. They are private companies that has a license from the state to be Notary. The Notary represents both the buyer and the seller, but the buyer has by law the privilege to choose Notary.
The Notary has to control who is owner, servitudes, mortgages, building permissions, floor-plans, land-plans, certificate of agibilità/habitability, etc.
The property cannot be sold unless these details are correct.
We collect and control all this before sending it to the Notary.