When you have completed all of the necessary steps to purchase a property, the last stage will be to sign the final deed of sale before a notary. This article will provide you with all of the information you need to know in order to be prepared for this final stage, which will ultimately allow you to become the legal owner of the property you have chosen to purchase.
What is a final deed of sale?
A final deed of sale (rogito notarile, in Italian) is an official document which is used to transfer the ownership of the property from the buyer to the seller, and which is prepared by a notary, a public official who is authorized by the Italian government to authenticate documents, agreements and contracts by inscribing his or her seal and signature. The notary carries out a variety of legal duties in every area of law, including family law and real estate law, among others.
There are several issues that need to be resolved before the final deed of sale is signed. First, the property must be thoroughly investigated to ensure that there are no liens or other obligations against it. Additionally, all the information about the property that is recorded with the town hall and the office of the real estate registry must be current. If the property underwent any structural improvements before going on the market, these must be recorded, and the applicable building permits must be registered. In order to proceed with signing the final deed of sale, these documents are essential. In fact, the notary will not let the buyer and the seller sign the final deed if the property’s layout differs from the layout that is on file at the real estate registry office.
What does a notary do?
A notary is an Italian public official who verifies that the purchasing process complies with real estate laws and regulations. Whether the property is sold by a private individual or by a real estate agent, the notary will be responsible for checking all the documents regarding the sale. It is worth specifying that the notary is a neutral party, therefore, he/she cannot act in favor of the interests of neither of the two parties involved.
Choosing a notary is entirely up to the individual purchasing the property. Generally speaking, individuals choose a notary who operates in the same area where the property is located.
Which documents do you need to submit in order to sign the final deed of sale?
In order to draft the final deed of sale, the notary will need the following:
- Cadastral documentation (visura catastale);
- Mortgage-related documentation (visura ipotecaria);
- Both parties’ IDs and tax codes (codice fiscale);
- A document proving the buyer’s marital status;
- Details regarding the property’s layout, which are held by the real estate registry office;
- The property’s last deed;
- The formal purchase offer.
These documents will need to be emailed to the notary in advance so that he/she can draft the final deed of sale before the date on which the deed will be signed.
Who must attend the final deed of sale?
By law, both the buyer and the seller must sign the final deed of sale. If the parties cannot attend the appointment, they will need to sign a Power of Attorney and delegate a person they trust to sign on their behalf. If a real estate agency is involved in the purchasing process, the realtor may also be present. It is worth pointing out that if one of the parties to the transaction does not speak Italian, an interpreter will need to be present by law.
Generally speaking, the buyer pays the expenses related to signing the final deed of sale. These can be summarized as follows:
- The purchase tax, which is equal to 2% of the cadastral value of the property (or 9% if the property is classified as the buyer’s second home in Italy;
- A fixed cadastral tax of 50 euros;
- 4% VAT of the property’s total price if the property is bought from a construction company;
- The notary’s fee (a few thousand euros).
With regards to this, the notary’s fee may vary depending on the area where the property is located and on the value of the property. On average, notary fees generally range from 0.5% to 2.5% of the declared value of the property.
In conclusion, this article has sought to provide an overview of the aspects that characterize a final deed of sale. As understanding all the steps involved can be quite overwhelming, it is important to rely on the help of real estate experts who can guide you throughout the purchasing process. If you would like further information, do not hesitate to contact us for a free consultation at firstname.lastname@example.org or at 1-323-403-5396.