Risultati ricerca

FATTO

The italian Notary

It often happens that, after a prospective property has been inspected and chosen, substantial agreement is reached with the other party even if this is not yet formalized in written form. It is advisable to contact a notary at this early stage before signing the preliminary contract (the so-called “compromesso”). In the preliminary contract, both signatories undertake to stipulate the definitive sale contract by a certain date and on given conditions. The preliminary agreement (even i

The following are examples of what needs to be included in a proposal for sale or purchase and in a preliminary contract: - the precise description of the asset or assets; - the exact identification of the owner or owners and of the purchaser or purchasers; - the obligations of the vendor and of the purchaser; - the price of the sale and method of payment; - the conditions of the conveyance and relevant guarantees; - documentation of the history of the asset or assets; -

Notaries and business

Notaries have as their essential mission to confer authenticity on the legal instruments and contracts they establish for their clients in various areas of law

The Notary as existing in Italy belongs to the “latin (o roman)  notarial system”. The “latin notary” system is largely spread around the world, adopted by approximately 71 countries, mostly belonging to the civil law system. Although the same word “public notary” is used within the “common law” legal systems, it must be underlined very clearly from the beginning that the concept (the meaning) behind the word in the civil law system and in the common law system is completely, absolutel

Since 12 September 2002, the Consiglio Nazionale del Notariato has been registered in the public list of certifiers of digital signatures held by AIPA, as the certification authority for Italian notaries. The digital signatures of Italian notaries may be verified on the site http://ca.notariato.it. Based on the rules and the certification authority's operations manual, CNN certifies notaries' digital signatures in the exercise of their functions and so guarantees to third parties not only

The vendor has the right to receive the full amount of the agreed price from the purchaser at the time the sale contract is settled. Frequently the vendor has already received an advance payment on that price, generally as a deposit: in that case he will have the right to receive the difference to make up the full agreed price. The vendor has the option to allow the purchaser a deferral of payment, with or without interest. It is up to the discretion of the vendor (based on the trust h

The law (articles 2 and 3) provides that when entering a preliminary agreement, or any agreement or contract for which the purchaser takes on obligations and pays money in advance but does not immediately purchase the property in the building under construction, the seller must issue a bank or insurance surety bond that guarantees the entire amount paid and to be paid before the final conveyance deed (which coincides with the deed drawn up by a notary public). The surety bond is the very

Legalization is indispensable for a foreign public document to be valid in Italy. It consists only of the official certification - by the competent Italian consular or diplomatic authority abroad – of the legal status of the public official (or functionary) who has signed the document and the authenticity of his signature. If the document is issued by a foreign authority in Italy, it must be legalized by the Prefect in the district in which the foreign authority is located (except for the

The purchaser's main obligation is obviously to pay the agreed price to the vendor at the time the sale contract is completed. Where an advance payment has been made as a deposit, the difference must be paid to make up the full agreed price. It is legitimate for the purchaser to request a deferment of payment, but it is not his right to insist upon it, it being left to the discretion of the vendor whether or not to grant this: the purchaser's obligation to pay the price in full derives fr

The purchase of a home is always an important step in our lives. Just as the sale of a property also carries significant overtones: from investment decisions, to the reordering of assets, to the need for generational change. Whether it be the purchase or the sale of a property, it is not something to be taken lightly. Indeed, these are extremely complex operations that are full of pitfalls and that cannot be undertaken without the advice of an expert. Are you aware of the rights and oblig

The new law that is discussed below, and in particular the duty to take out a surety bond, applies to all types of real estate negotiations and hence it applies to purchases, exchanges, divisions, allotments by cooperative companies …, also and in particular to all forms of agreement that are made before the purchase and actual delivery of the property, such as preliminary agreements, promises to sell, leasing contracts, unilateral promises, advance payments, …. (article 1, paragraph 1, lett

Home loans are generally guaranteed by a mortgage and so are the preserve, in our legal system, of the notary. The presence of the notarial profession has become more significant with the recent increase in the number of such contracts, a result of the lower cost of money (though this is still subject to fluctuations) and improvements in living standards that allow an ever greater number of citizens to aspire to the ownership of their home and often of a second home as well. Year after ye

After long years of waiting, the decree-law that introduces greater protection for the purchasers of houses that are in the process of being built has finally been published in the Official Gazette (6 July 2005, n° 155).  The measures introduced under this new law will have a major impact: indeed, according to estimates made by trade associations, since 1995 more than 200,000 Italian families have been involved in thousands of bankruptcies of construction firms. Decree Law n° 122 of 20 Ju

Fluctuations in the cost of money may, in some cases, make it advisable to “make running changes” to the terms of a mortgage: such changes, in economics, are known as renegotiation. There are various legal methods for achieving this: a) discharge of the old home loan and granting of new financing with a new mortgage (“replacement” home loan); b) merely changing the terms of the old home loan (renegotiation in the strictest sense); c) from 2 February 2007, subrog

As may be observed above, the role of the notary is important in guaranteeing the statements the vendor usually makes at the time the sale takes place. In particular, the vendor is obliged to make known how the asset he is about to sell came into his hands. It may be that he purchased it for a consideration in the normal way, or that he has occupied it for a sufficient number of years to avert any danger of eviction. It may be, however, that the property was donated to the vendor or

In a property conveyance, right from what we have called the preparatory phase before the definitive contract, the notary plays a rather delicate and important role: determining whether in fact the vendor is free to sell the asset and whether the purchaser in his turn may legitimately acquire it. For example - to cite just a few of the more important aspects - the notary's tasks include certifying the personal identity of the parties (in other words that the vendor and hence the owner of

Law no. 52 of 1996 introduced rules into the Italian legal system to protect the consumer in his contractual relations with professionals. In order to rationalize regulations which have been complicated by a long sequence of amendments, a Consumer Code was recently published (Legislative Decree no. 206 of 6 September 2005), which contains a thorough reworking of most of the consumer-protection rules. Article 3 of the Consumer Code defines a "consumer" as a physical individual who acts

A home loan is a contract whereby one party, called the lender (usually a bank), transfers a given sum of money to a second party known as the borrower, so that the latter may use it for a given time in exchange for paying the former an amount representing interest. To this outline of the essential structure and functions of the contract must be added that a home loan includes various clauses that are not always immediately comprehensible but are necessary for regulating all the relations

It is important to understand what the types of buildings are to which the duties and guarantees examined below apply.  Under this law “buildings to be built” are those for which the building permit or other authorization to build was applied for after the entry into force of the law (21 July 2005), and which are not yet finished, and hence “the fit for use” (agibilità) statement has not been issued (article 1, paragraph 1, letter d). This means that on the one hand the law does not apply to

As said before, an "authentic"  or "public"  deed is a legally reliable instrument, whose trustworthiness is guaranteed by the Latin Notary who executed it.

Another possible guarantee frequently used is the surety bond, whereby a third party (not the mortgagor) generically guarantees with all his own assets that the borrower will fulfil his obligations

The law completes the range of measures introduced to protect the purchaser by extending to the purchaser the right to parcel out the loan and the mortgage on the building being built, and the prohibition on selling before the division of the loan into quotas, or before discharge of the mortgage or foreclosure where these are not taken over by the new purchaser (Articles 7 and 8). The purchaser of a house to be used as his/her home has the right of pre-emption in case of an auction (Art.

First of all, the purchaser has the right to have the vendor consign the property at the time of the notarised conveyance, upon payment of the purchase price, in its known state, with any agreed accessories, free of persons and things. It is legitimate for the purchaser to request consignment of the asset before the definitive transfer: however it is not his right to insist upon it, it being left to the d

In order to grant a home loan, the bank requires a guarantee: by definition, the most common of these is the mortgage. A mortgage gives the bank the right to be repaid from the proceeds of any forced sale of the asset offered as collateral, with priority over other creditors. A mortgage has better legal standing if it is a first mortgage, i.e. if there are no higher-priority mortgages: a "land credit" guarantee generally requires a first mortgage. A mortgage is established over the

Another important innovation is that the builder, or seller of buildings being constructed, is obliged to take out an insurance policy which will protect the purchaser for at least ten years from any damages deriving from the total or partial collapse of the building or from serious construction flaws (Article 4).

Only legal security in business and private relationships allow for economic development; therefore a constitutional state must guarantee  legal security to its citizens. To this goal: 1) lawsuits  must be prevented, for as much as possible; 2) the citizens must have access  to public registers whose records are reliable and legally trustworthy. Clearly the reliability of the findings depends entirely upon the trustworthiness of the deeds entered. An authentic deed, drawn by a

In the first place, the vendor is obliged to consign to the purchaser the property sold in the state in which it is with vacant possession, free of persons and things, at the time the contract of sale is notarised, i.e. at the same time as the balance of the price is paid. The vendor has the option, however, of allowing the future purchaser to occupy the property even before the actual change of ownership, it being understood that because he is still the owner of the asset he remains resp

This is a simplified – but absolutely rigid - form of legalization (in the sense that it must have  exactly all the formal characteristics stipulated in the sample attached to the Hague Convention of 5/10/1961 which governs it). It is valid in all the countries that have signed the Hague Convention of 5 October 1961 and replaces legalization amongst those countries alone.Like legalization, an apostille may be indispensable for a foreign public document to be valid in Italy.Like legalization, an

Limited partnerships with share capital is a modified form of a company with share capital in which permanent directors manage the company who have unlimited liability, also contingent liability, for  social security liabilities. The provisions that are specific for this type of company are reduced to a few which concern above all the management of the company by the unlimited partners.    The peculiar characteristic of this type of company consists in the co-existence of two different group

Consortiums are formed between entrepreneurs who decide to set up a common enterprise for regulating and carrying different phases of their respective businesses. The consortiums too are of a mutual character, since the consortium’s activity is carried out in the interest of its member enterprises. “Regulating” given steps of the members’ enterprises is a typical function of internal consortiums, and may be non-competitive in nature, while the “carrying out” of given steps in the respecti

The corporate assets are the company’s assets and liabilities.  Initially they are made up of the contributions offered or promised by the partners.  During its life-time the corporate assets undergo changes depending on the business activities carried out. The assets and liabilities are audited regularly through the drawing up of the annual balance sheet.The net worth is the positive difference between assets and liabilities.The corporate assets also have the function of providing the compa

It is extremely simple to set up an informal partnership:- the contract needs not be of any special type, except where special types of assets are involved (and except for evidentiary limitations);- all that is needed to set up an informal partnership is the mutual engagement by the partners to jointly carry out a non-commercial profit-making activity;- informal partnerships must be entered into the register of companies. Such registration takes place in a special section and does not imply