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Romizi Sale and Restoration of villas in Umbria

The preliminary agreement

 

 What is and how does the PRELIMINARY AGREEMENT 

 

 

 


When the purchaser has chosen the property to buy, he and the seller sign an agreement called preliminary agreement ("preliminare" or "compromesso"). This is a very important document that should be prepared by a professional.

The Studio Romizi can handle the necessary papers defining the agreement and the selling conditions: payments, time of the effective possession, guarantee by the seller by the lack of mortgages and other problems restricting or limiting the title of the property, etc….. Usually the closing follows the preliminary agreement after an established that allow the parties to prepare and double check all the necessary documents, and to obtain a mortgage if needed. In case of land purchasing sometimes is necessary to subdivide in sectors the property. This work is usually done by a "geometra" or another competent professional, and few weeks to some months are needed to have the final approval of the Authority.

At the time of signing the preliminary agreement the purchaser usually pays a deposit of 10% to 20% of the established price.The law doesn't require a specific percentage.

In the preliminary agreement the parties generally agree according with the Italian law codex article 1385 or article 296, if the contract doesn't reach the closing the deposit will be lost by the seller or returned him doubled depending from who withdraws. The difference is that while going art. 1385 the parties can sue each other for damages, going art. 296 the responsibility is limited to the deposit. We usually suggest to consider art. 1385. It's important that in the preliminary agreement the seller guarantees that the property has a free title.

The Studio Romizi is used to write the preliminary taking care of the many details that can be involved in purchase and that are changing case by case.


Revised in 2014 by Studio Romizi