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Romizi Sale and Restoration of villas in Umbria

The purchase act

What is and how does the PURCHASE ACT 

 

 

THE PURCHASE ACT It's a common use to sign the purchase act in front of a "Notaio" (public notary).

 

The "Notaio" has the public authority of guarantee that the persons involved in transaction have personally notified him their intentions, and those intentions have been written and signed by the contracting parties in sound state of mind . The Notaio has to control at the real estate list ("Conservatoria dei Registri Immobiliari") if the property is mortgaged. He has to verify if a permission to build or to restore the property has been obtained, and to ask the seller about the correct taxes payment. Furthermore the "Notaio" includes in the act, According to the specific situation, some more specifications prescribed by the law to guarantee the contracting parties (please realize that in Italy there is a civil and crimes codes, so the legal system is very different from that based on the "common law" where you've always to write in the contract much many details that in Italy are yet included in the contract by the law also if not written in it).

 

The "Notaio" writes the price declared by the parties.

The taxes are paid on such declared price. The amount of taxes can be significantly reduced if the property is declared as a primary residence in Italy.  The "Notaio" receives the taxes amount and his fee that is less than 1% of the declared price.

 

The tax costs are to be verified case by case.

 

 

Revised in 2014 by Studio Romizi