Ensuring Our Clients’ Property Purchases are Registered and Entirely Safe
For those of you who have previously experienced purchasing a property, you will be aware that you need to have all the correct paperwork in place before signing any legal documents. This is where we step in to help you, by using our vast experience and knowledge of Italian real estate.
Our due diligence process is indeed detailed and thorough; we analyze the condition of the property subject to a potential transaction before conveyancing is formalized 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 high number of documents are collected and closely analyzed. The documentation involved is, in most cases, difficult to obtain as various documents are issued by different administrative offices and agencies; furthermore, they are difficult to interpret 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 Authorization for Division in Lots
- The Town-planning Conformity
- The Preemptive Rights
- The Cadastral Document
- The Condominium Regulations
- The Energy Performance 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 ensure that there are no limitations pertaining to the property rights, such as liens, right of third parties to use or otherwise benefit from the property or a portion of it.
This process is relatively fast usually requiring a fortnight, though obviously, this depends on the type of property that is being acquired and how quickly documents can be supplied by the seller.