- Formulating a Purchase Proposal:
It will have to include all data of the Buyer, of the Seller (private person or company), the data concerning all the parts of the whole property, the price offered, payment modalities, expected deadlines. The Proposal will have to be accompanied by a caution money, and it will vary depending on the value of the property, from a minium of 2% to a maximum of 5% of the offered price, and this can be given to the Seller in case of acceptance of the Proposal, so that the amount of the Caution Money will turn into a Confirmative Deposit, as per article 1385 of the Italian Civil Code.
- Private Contract or Agreement:
All the data from the Purchase Proposal must be included. Integration of the Confirmative Deposit that, according to custom, is the 20% of the total amount, but the Parties can arrange for a different percentage. It is compulsory to register the Private Contract if the Purchase Deed will be drawn up after 30 days from the date of the Private Contract, and this includes the payment, contextual to the registration, of 5% of the final value of Taxes (Example: Tax value Euro 5,000.00 x 5% = 250.00 as down payment) which will be cut at the drawing up stage of the Notarial Deed.
In front of the Public Official (Notary) the Parties formalize the transfer of Property from the Seller to the Buyer under all the protections of the Law, with the transfer of the KEYS.