How to buy
The Purchase Proposal is the first contract signed by
both the buyer and the vendor and in it the agreed purchase price and
conditions such as methods of payment and purchasing times are set out.
At this point the buyer puts down a holding deposit and the parties commit
to the deal. If the buyer withdraws at this stage, he loses the deposit,
if the vendor withdraws, he has to return the deposit.
The Second Phase is represented by the Preliminary Contract or
Compromesso in which the existing purchasing conditions are confirmed,
reviewed and others added, if necessary. At this stage the buyer pays
a further deposit, which together with that already paid should amount
to between 20-30% of the total purchase price. If the buyer withdraws
now, the vendor keeps the two deposits, and if the vendor withdraws, he
has to return the deposits as well as a pay a fine equal to the second
The Third Phase is the so-called Rogito Notarile or Compravendita
(Deeds) which is stipulated by a Notary Public (the Notary's
costs are at the buyer's expense). It is the Notary's responsibility to
ensure that the sale is executed in accordance to all current laws and
to have the real estate transcribed at the local land registry. The balance
of the purchase price is paid at the signing of the Deeds.
Umbria Real Estate is happy to recommend a Notary who will
manage all the necessary legal procedures.
Umbria Real Estate, in its function as mediator, carries
out all the necessary and legally required checks and searches and assembles
all the documentation relevant to the sale. This includes documentation
pertaining to the land registry, to building regulations, environmental
constraints, as well as to mortgages or liabilities on the property. Umbria
Real Estate will liaise between vendors and buyers and assist in any way
that helps bring a sale/purchase to its conclusion.