You finally found the house you were looking for and decided to buy it. But now the purchase scares you and asks you a thousand questions about the unknowns that this may involve? Below is a brief presentation of the key steps of the Purchasing Process, with the steps to be taken to get the best results in a short time.
The process of buying a property is divided into 3 main phases:
1) Formal Purchase Offer
When a Client decides to purchase a property, the first document to be produced is the Purchase Offer. The form shall be drawn up in writing and on a specific form which shall generally be supplied by the Agency. With the Offer, the buyer, among other conditions, indicates the price he is willing to offer to buy the property, upon payment of a value usually equal to 5% of the purchase price (deposit). If the seller accepts the Offer, the seller undertakes not to sell the property to any other Client until a certain date indicated on the Offer. If, on the other hand, they refuse it, then they must return the deposit paid by the purchaser. In the event that the Offer has been accepted and the Seller does not comply with it, they shall pay the Buyer an amount equal to twice the deposit paid by the latter. If the buyer does not comply with the Offer at any time, the buyer will lose the entire deposit.
Finally, the Offer also specifies the commission that must be paid to the agency and the time within which it must be paid.
2) Preliminary Purchase or Compromise
The Preliminary is a contract by which the parties promise to conclude a future contract of definitive purchase (notarial deed). In fact, with the Preliminary you do not transfer ownership of the property, but you only oblige yourself to such a transfer at a later time. In addition, the Preliminary Offer details all the conditions anticipated in the Purchase Offer, including the details of the parties, the characteristics and cadastral data of the property, the cost and methods of payment, the date of stipulation of the deed with relative delivery of the property. In addition, it will indicate that the house must be sold without encumbrances, liens or mortgages, or completely in order in all respects. At the Preliminary you pay an additional deposit, usually equal to about 15% of the purchase price, also as a deposit. The Preliminary however is not mandatory and the parties may also decide not to do so and go directly to the Rogito.
3) Notarial Right
The notarial deed, or final contract, is the final act of the process of buying and selling the property and establishes the definitive transfer of ownership of the property from the seller to the buyer. It is concluded before a notary, generally chosen by the buyer, and in the presence of both the seller and the buyer. The notary, after having carried out all the checks relating to the regularity of the property for sale, draws up the deed, reads it aloud and finally has it signed, in his presence, by both the buyer and the seller. The notary then registers the document and pays the relevant taxes. It follows that at the time of the deed the buyer must pay the remaining price of the property (less the deposit paid with both the Offer and the Preliminary, if the latter has been made), taxes and the fees of the notary.