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Immobiliare Ferrero
Via Cavour, 8
17014 Cairo Montenotte (SV)
ITALY
Tel/Fax: (+39) 019 503641
E-Mail: info@immobiliareferrero.com
Certified E-Mail: immobiliareferrero@registerpec.it

THE BUYING PROCESS

THE OFFER
The first phase, once you have decided on a property, is to make a concrete offer. The offer, using a standard form supplied by the agency, gives the personal details of the buyer, the description of the property including the extent of the boundaries, any conditions to the offer, the timetable of the buying process and the price. Usually a deposit is paid by cheque, made out to the seller, which is kept by the Estate Agent. This is known as a ‘caparra penitenziale’ or a forefeitable deposit and affords the seller some protection in the event that the buyer withdraws from the sale. If the offer is accepted, the deposit becomes the first down-payment on the price of the property.

THE PRELIMINARY CONTRACT
The second phase, once the offer has been accepted, is the preliminary contract commonly known as the ‘compromesso’. This is an official agreement between the buyer and the seller which defines the terms and any conditions of the sale and includes the definitive price. This document will form part of the final deed of sale (known as the ‘atto definitivo’ or ‘rogito’ – see below). At this point a deposit is paid, usually between 10% and 15% of the final sale price. If the buyer withdraws from the sale, the deposit will be forfeited. However, if the seller withdraws from the sale, they will have to pay back twice the amount of the deposit (thus discouraging the practice of ‘gazumping’ or someone coming in with a higher offer at the last moment). Now you can also pay commissions to the Estate Agent.

THE DEED OF SALE
The final part of the sale process is the signing of the formal contract of sale (called the ‘atto definitivo’ or ‘rogito’ in Italian) in front of the notary. All parties to the sale will need to be present. The notary will confirm the identity of the parties. He will read and sign the contract of sale. The remaining amount of the purchase price is paid to the seller, as well as the property tax (this will be a percentage of the purchase price which varies according the buyer’s particular circumstances, the type of property etc.) and the notary’s fee.

In Italy, the notary or ‘notaio’, an independent legal executive, is responsible to both parties. He/she ensures that all the necessary searches have been performed, that the seller has the right to sell the property and that there are no outstanding debts on the property.

In addition to this, all Estate Agents in Italy are qualified professionals regulated by the Italian Chamber of Commerce and are thus much more involved in the buying process than they would be in the United Kingdom for example.

For this reason it is rarer in Italy for the buyer or the seller to employ their own legal advisor. However we appreciate that foreign buyers, unused to the Italian legal system, may require the extra assurance that having their own lawyer can bring to the process and Immobiliare Ferrero are happy and able to recommend English-speaking lawyers if required.

Whatever you decide, we appreciate that the buying of a property represents an important step in anyone’s life, and at Immobiliare Ferrero, we have the experience and expertise to ensure that the process is as transparent and as smooth as possible.

SELLING A PROPERTY

Immobiliare Ferrero are able to provide you with the experience and knowledge of the property market, both in the local area and further afield, to value your property correctly and to conclude the sale in the quickest time possible. We show the property to potential buyers, take publicity photographs, advertise the property on the internet and in magazines. We also can provide technical surveys and formal valuations as well as collating all the necessary documents for the sale and delivering them directly to the notary’s office. Thanks to our close collaboration with various technical offices, we can provide quotes for land registration, the parcelling of land, inheritance etc. In addition, we provide translation and interpretation services in partnership with mother-tongue speakers enabling us to utilise the growing number of foreign buyers and sellers.

But above all, and fundamental to our approach as an estate agency, is our unwavering professionalism, our helpfulness, and our desire to offer the highest standard of customer service whatever the needs of the client.




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