Final Deed of Sale
You can decide to sign the final deed of sale or to give someone else authority to sign on your behalf. In both cases you need to be aware of a few aspects.
In case you have signed a power of attorney in favor of your lawyer, he will surely make you aware about the content of the deed and will protect your interest. Your lawyer will sign on your behalf, and will represent you before the Notary.
If, on the contrary, you will sign the final deed of sale by yourself, a few things need to be clear to you before signing this important document. Here below some suggestion:
- First of all, make sure that you understand the content of the deed. This suggestion sounds trite, however in many occasions happen that people do not understand the full content of the deed. For example because the Notary reads the deed of sale in a fast way by giving for granted that you understand and follow him. This is not in the bad intention of a Notary of course, but probably in his habit to read many similar deeds everyday. Notaries do have to make sure that you understand the entire content of the document that you are going to sign. If there is something that you do not understand, do not be shy in asking for more explanation. This is your deed, and your money!
- If you are a foreigner and you do not speak Italian, you need to use a translator who will make you you understand the full content of the deed of sale. Even though you speak a bit of Italian, it might be possible that you do not understand the law and technical language included in the deed, therefore it is recommended to use a translator in any case. Otherwise you can always appoint your English speaking lawyer who will explain you what it is stated in the deed. This will make you to feel more comfortable. Your lawyer cannot be appointed as a formal translator, but he can be present to assist you during the completion.
- The money will be transferred once you sign the deed. It is strictly important to know how to make this transfer secure. If you are selling your property, it is recommended to use a not transferable checks (assegno non trasferibile). This gives you the guarantee that the money will immediately be in your hands at the completion and that the check is covered. If the buyer wants to make a bank transfer, be ensured that the money will arrive onto your account at the same day of the completion, and also make sure that the amount received cannot be cancelled by the purchaser (usualy in the following 24/48 hours).
- The final deed of sale/purchase contains certain standard clauses which give you some guarantees, however it is always best to check if these clauses are well explained and understood from both parties.
- If the sale/purchase also includes a land, you need to give it a value, ask your lawyer which value you need to declare if you wish to avoid fines.
- The key of the property will be given to the buyer at the completion. Make sure you have all the originals.
- Also, utility bills or condomonium fees need to be fully paid by the vendor, therefore be aware in advance of these costs, and if they have not been fully paid by the previous owner yet, ask him to declare that he will pay them within a certain time. All utility bills will be transferred onto the new owner’s name, be ensurred that this will be done in a cost efficient way.
Many other aspects need to be taken into consideration, our final suggestion is… make sure you are well assisted.