Ensuring Our Clients Property Purchases are Registered and Entirely Safe
For those that have previously experienced purchasing a property, you will be aware that you need to ensure you have all the correct paperwork in place before any signatures are to be found on official paperwork and making the transaction legal. This is where the experience and knowledge of Italian real estate lawyers are here to help you, ensuring that all correct paperwork and documentation have been found to allow the transaction to commence and that our clients will not, in any way have a potential legal issue against them.
Our due diligence process is indeed detailed and thorough; whereby we analyse the condition of the property subject to a potential transaction before conveyancing is formalised in a contract and made enforceable. Our aim by conducting due diligence is to ensure that we cover any potential risks related to the transaction in order to effectively manage them through an appropriate drafting of the contract and the connected safeguard clause or liability restrictions.
This process requires that a huge number of documents are collected and closely analysed. The documentation involved is, in most cases, difficult to obtain as various documents are issued by different administrative offices and agencies and difficult to be interpreted without the technical assistance of an attorney.
Below is an overview of the services carried out during a due diligence and preliminary assessment which we perform in order to safeguard the buyer from all potential connected risks associated with purchasing a property.
The main activities that we carry out during this phase of the project are the following:
- The collection and review of the property’s information recorded in Italian public registries, such as:
- The Property Deed
- The Certificate of Urban Destination
- The Authorization for Division in Lots
- The Town-planning Conformity
- The Certificate of Indemnity
- The Certificate of Habitability
- The Preemptive Rights
- The Cadastral Documentation
- The Condominium Regulations
- The Administrative Documentation
- The Environmental Certificate
- The Seller’s rights and their power to sell the property
- Search and review among Chamber of Commerce records regarding both parties involved in the transaction financial constraints
Furthermore, we make sure that there are no limitations whatsoever to the property right, such as liens, right of third parties to use or otherwise benefit from the property or a portion of it etc.
This process is quite fast and it may take about a fortnight to be completed, though of course, that depends on the type of poverty that is being acquired and how quickly the documentation can be supplied by the seller.