DEPOSIT OF A SUM EQUAL TO THE REAL ESTATE PRICE WITH THE NOTARY PUBLIC

"Deposit of a sum equal to the real estate price" with the Notary Public to protect the buyer (the sum will be released after the final checks).

In the sale of real estate the annual law for the market and competition (Law 124/2017) gave the buyer the opportunity to use a new institution or the "deposit of a sum equal to the real estate price with the Notary Public": in simple terms it is a "freezing" of money that the buyer pays for the purchase, money that is bound by the Notary on a dedicated account as long as the sale is not registered and transcribed and the related advertising formalities are not completed. In other words, the "price deposit" protects the buyer against the possibility that before the transcription of the sale in the Conservatory is transcribed against the seller another device deed (in which case the seller has sold the same property twice) or is transcribed o registered a prejudicial (such as a mortgage, a foreclosure, a seizure or a summons). In fact, it is known that in Italy "res transit cum onere suo" therefore, as long as the transcription of the deed of sale to the Registrar of Real Estate Registers is not carried out, the prejudicial damages to the seller are unfortunately opposable to the buyer. This means that the seller's creditors can assert their reasons against the buyer even if he has already paid the balance of the sale. And here comes the new institute that starting from 29 August 2017 (the date on which the reform became operational) from the buyer the absolute certainty of not having to bear the debts or legal problems of the seller because the price deposited by the buyer it will be taken over by the Notary only after the same notary will have verified the actual and definitive absence of prejudicial formalities that could damage it economically.