Friday, April 17, 2009

Calabria Property - What Happens When You Complete and Go to Deed?

It is important to clarify that the preliminary sale agreement is not to transfer the property (which actually does not exist yet ) , but only to create a reciprocal obligation between buyer and developer / vendor . The property will be transferred at the signing of the deed of sale.

The deed of sale ( “ rogi to” ) is the agreement through which the property , once completed, is transferred to the buyer . It must be drafted by a Notary , a public officer acting on behalf of the state and in the interest of both the parties.

Once signed, the deed of sale will be handed over to both the parties and registered at the “Conservatoria dei Registri Immobiliari ” ( the competent Registry ) , while a further copy will be stored in the Notary’s archive. The deed of sale will prove the ownership of the property.

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