THE PRELIMINARY CONTRACT
The preliminary contract is a real contract that obliges both parties to sign the final contract.
The preliminary must indicate the main elements of the sale such as the price and the house to be purchased, the address and a precise description (floors, rooms, etc.) with the data of the Land Registry and the date of the final contract. It is also appropriate to define all the reciprocal obligations to be fulfilled before the building is handed over. In the case of sale of properties under construction, special rules are required by law for the preparation of the preliminary contract. It is not obligatory that the preliminary contract be stipulated by a notary, but it is however opportune to clarify with the notary what the obligations deriving from it are.
In case of:
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substantial price advances
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long times between preliminary and final
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seller fallible subject
In order to guarantee maximum protection to the future purchaser, it is very opportune that the preliminary contract be stipulated by the notary, by means of a certified private deed or public document, so that it is transcribed in the real estate registers. In other hypotheses, the opportunity of the transcription can be evaluated with the assistance of the notary.
The transcription is valid as a real booking of the purchase of the property. It is no longer just a private agreement between buyer and seller, it is made legally valid to anyone (technically "opposable to third parties") and the seller, consequently, can not sell the property to someone else, nor grant a mortgage on the property, nor constitute a passive easement or any other prejudicial right. Any seller's creditors will not be able to register a mortgage on the property promised for sale, nor foreclose it. From the moment of the registration of the preliminary contract, the property is "reserved" to the future purchaser, and any transcription or registration would not have effect on it.
When registering the preliminary contract, the following taxes must be paid, which will then be recovered when the definitive contract is signed:
0.50% on the deposit
3% of the amounts paid as a down payment.
On the occasion of your visit we will be happy to receive you at the office of Ca' Venezia Immobiliare.